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.
https://twitter.com/WuBlockchain/status/1847435462669209801 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.
Controversies 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.
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