A recent report alleges that a money laundering organization involved in cocaine imports from Mexico and Colombia is using Tether (USDT). Criminal organizations, including the Sinaloa Mexican drug cartel, are reportedly using USDT for large-scale drug trafficking. The situation is so severe that USDT is sold at a discount in Mexico due to its association with drug proceeds. The report mentions instances where USDT was purchased at lower rates in Mexico and then sold in Colombia through various exchanges and transactions. Law enforcement efforts have seized millions of USDT linked to cocaine trafficking, emphasizing the challenges in tracking illicit activities. Despite efforts by Tether and Binance to prevent misuse, reports indicate ongoing involvement of cryptocurrencies in criminal operations, with USDT being a preferred choice for drug cartels. Investigations by the FBI have also uncovered money laundering schemes involving major Mexican cartels and the use of USDT. This highlights the persistent issue of cryptocurrencies being exploited by criminal networks for illegal activities. Read more AI-generated news on: https://app.chaingpt.org/news

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