A Canadian Olympian is at the center of a major cocaine-trafficking case involving crypto payments. Tether is stepping up efforts to cut ties to crime and freeze millions in illicit funds.
Ryan Wedding, a former Olympic snowboarder, allegedly used crypto to facilitate payments in a major cocaine-trafficking operation, US prosecutors claim.
A Canadian athlete is accused of leading a network that smuggles large quantities of cocaine from California to Canada.
In one exchange, the co-conspirator confirmed the delivery of 293 kilograms of cocaine, That said“Ready boss, delivered the 293 order,” court filings show.
The group is believed to have used encrypted messaging apps and Tether (USDT) to conduct and mask their drug transactions.
A tracked payment for 17,300 USDT linked to a drug deal.
The couple previously went to prison for cocaine trafficking in 2010 and are still there Unresolved trafficking charges In Canada since 2015
Tether in crime
Tether is trying to shed its image as a shady stablecoin dealer whose USDT is often linked to crime and money laundering.
In 2023, Tether froze $900,000 linked to Hamas and Ukraine scams and $225 million linked to crypto romance scams.
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This year, the company stepped up its efforts to cooperate with law enforcement to track and freeze suspicious transactions. It has partnered with blockchain analytics firm Chinalysis to improve USDT monitoring and tracking.
In September 2024, Tether helped the US Department of Justice seize over $6 million linked to a Southeast Asian crypto scam.
“We are ready to cooperate with government agencies” to fight criminal abuse of the platform, stated CEO Paolo Arduino.
To date, Tether claims to have blocked $1.8 billion in illicit funds.
Crypto market movers
Bitcoin rose 0.7% to $68,390 in the last 24 hours. Ethereum is trading up 0.7% at $2,648.
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