Turkey busts $40m illegal gambling ring

$40m worth of crypto was seized by Police authorities across Turkey.

A big gambling ring has been targeted by Turkish authorities in the capital city, Ankara, which led to the seizure of $40m worth of cryptocurrencies.

The Ankara Chief Public Prosecutor’s office reported on Thursday that a total of 46 people have been detained across various cities in the country as the Ankara police coordinated with other units in Turkey.

The illegal gambling ring used cryptocurrency wallets to move and store its illicitly obtained funds.

Turkey’s interior minister Süleyman Soylu said that authorities were tracing a much larger transaction connected to both the illegal gambling ring and the murder of Halil Falyali which is still being investigated by authorities.

Falyali is a prominent casino owner who was murdered in February in Kyrenia, Northern Cyprus, where he lived.

Gambling is not permitted in Turkey and let alone gambling involving cryptocurrencies. The prowess of Turkish authorities to detect illicit transactions taking place through the blockchain demonstrates the level of sophistication the country’s police force has reached.

Cryptocurrencies have been on the rise in Turkey because of the country’s national currency, the lira, experiencing rapid depreciation.

Inflation in the country is said to have reached 186.27%, but the information is delivered by an independent research institution and it’s a projection well ahead of the 83% reported by the Turkish central bank.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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