Gurhan Kiziloz Wins Brazilian Appeal to Narrow $527M Tether Asset Freeze

A Brazilian federal appellate court (Regional Federal Court of the 1st Region) ruled in favor of entrepreneur Gurhan Kiziloz, narrowing a freeze on roughly $527 million in assets that include about $213 million in USDT stablecoins and $314 million in corporate and physical holdings. The original freeze, imposed in May 2024, was based on tax and licensing rules that Brazil introduced after the disputed activities took place, and the court found that applying those rules retroactively exceeded its authority.

The decision does not immediately release the funds but orders a review that could allow the assets to be unfrozen by October 2026. The case is one of the largest asset freezes involving a single individual outside U.S. criminal courts and highlights legal challenges surrounding retroactive regulation of online gambling and cryptocurrency token sales.