In a jaw-dropping revelation, former Olympic snowboarder Ryan James Wedding has found himself at the center of a massive drug trafficking operation. This isn't just any run-of-the-mill bust; we're talking about a billion-dollar cocaine ring that allegedly used Tether (USDT), a popular stablecoin, as its financial backbone. The U.S. Attorney’s Office for the Central District of California has laid out some serious charges against Wedding and 15 others, claiming they facilitated the shipment of tons of cocaine from Mexico into both the United States and Canada. This case is a stark reminder of crypto's double-edged sword — while it promises anonymity, it also exposes users to law enforcement's watchful eyes.
Stablecoins like Tether have become the go-to choice for those looking to conduct illegal transactions. Their stability and ease of transfer make them ideal for such purposes. In this particular case, payments were made in USDT, with QR codes sent to drug runners for seamless crypto transfers. The Department of Justice (DOJ) has already seized over $3.2 million in cryptocurrency along with more than one ton of cocaine, firearms, and hundreds of thousands in cash during their investigation. If anything, this incident underscores an urgent need for regulatory frameworks aimed at curbing the misuse of stablecoins.
According to the DOJ’s press release, Wedding is facing charges outlined in a 16-count superseding indictment that accuses him of running a transnational drug trafficking operation. Currently residing in Mexico, Wedding is considered a fugitive after being previously charged with operating criminal enterprises including murder and smuggling activities involving cocaine. One co-defendant was arrested just recently on October 8 in Mexico; however, Wedding remains on the lam.
The indictment details how Wedding allegedly conspired to ship massive amounts of cocaine from Southern California to Canada using a transportation network based out of Canada run by Hardeep Ratte between January 2024 and August 2024. The drugs were reportedly moved from Mexico into Los Angeles before being distributed further north.
Law enforcement has made staggering seizures: over one ton of cocaine (valued between $23-$25 million), three firearms, over 10 rounds of ammunition, and $255K in cash — not to mention an additional $3.2 million in cryptocurrency!
Wedding and his crew had already delivered 293 kilograms (over half a ton) of coke earlier this year to associates awaiting distribution in Canada back in March 2024; they attempted another delivery involving more than 375 kilograms shortly thereafter but were intercepted by investigators mid-operation.
U.S Attorney Martin Estrada stated plainly that “the Olympic athlete-turned-drug lord” leads “a transnational organized crime group involved in drug trafficking and murder.” To add even more intrigue — the FBI is offering up to $50K reward for information leading directly towards his capture!
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