Olympic Athlete Allegedly Led Drug Cartel, Used Crypto Payments to Evade Law Enforcement
- Ex-Olympian accused of leading billion-dollar cocaine ring, using Tether to evade authorities.
- FBI hunts Ryan Wedding, indicted for crypto-driven drug trade linked to violent cartel activities.
- Tether faces scrutiny as the DOJ links stablecoin to international drug trafficking operations.
Federal authorities have charged former Canadian Olympic snowboarder Ryan James Wedding for his involvement in a major cocaine trafficking operation. According to the U.S. Department of Justice, Wedding and 15 more suspects ran a drug syndicate of a billion dollars, with the stablecoin Tether (USDT) for transactions. The group is said to have smuggled cocaine from Colombia into Mexico and into the United States and Canada.
Allegations of Crypto-Fueled Operations
According to the indictment , the syndicate used cryptocurrency to avoid detection. Defendants received payments in Tether for large quantities of cocaine, with QR codes provided for each transaction.
The DOJ stated that these codes allowed drug runners to collect payments efficiently in USDT. The authorities seized over $3.2 million in cryptocurrency, one ton of cocaine, firearms, and other items, including $255,400 in cash during their investigation.
Ongoing Manhunt for Wedding
Ryan James Wedding, who represented Canada in the 2002 Winter Olympics, is currently evading the police. The FBI is offering a reward of $50,000 for any details that result in his capture and return. Wedding’s criminal history dates back to 2008 when he was convicted of attempting to purchase cocaine from a U.S. government agent.
He served four years in prison following that incident. Authorities now claim that he has risen to a leadership role in the syndicate, engaging in violent activities, including the murder of civilians.
Read CRYPTONEWSLAND on google newsControversies Surrounding Tether
USDT, the third-largest cryptocurrency by market cap, is central to the ongoing case. It’s a popular asset for traders seeking quick transactions and converting crypto to fiat currency.
Despite its widespread use, Tether has faced regulatory scrutiny . In 2021, the company agreed to stop doing business in New York after investigations revealed false claims about its reserves.
U.S. authorities noted that the stablecoin’s lack of independent audits remains a concern. However, Tether asserts that it complies with regulations, pointing to transparency reports as evidence.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
USDC Treasury destroys 50 million USDCs on Ethereum chain
Worldcoin launches new World ID Passport credential
Japan's new Prime Minister reorganizes Web3 and cryptocurrency policy-making departments