I just stumbled upon this wild story about a former Olympic snowboarder named Ryan James Wedding. Apparently, he’s been indicted for running a massive cocaine trafficking operation that used Tether (USDT) to facilitate over a billion dollars in drug deals. Yeah, you read that right—an ex-Olympian!

The Crazy Details

According to the U.S. Attorney’s Office for the Central District of California, Wedding and 15 other defendants were moving tons of cocaine from Mexico into the U.S. and Canada. What’s even crazier is how they used USDT for payments! Stablecoins like Tether are becoming the go-to currency for illegal activities because they offer a level of anonymity that cash just can’t match.

The transactions are on a blockchain, so they're traceable—but not in a way that immediately reveals who’s involved. The Department of Justice (DOJ) has already seized over $3.2 million in crypto along with more than one ton of coke during their investigation.

Wedding is currently a fugitive, chilling somewhere in Mexico while his co-defendant Andrew Clark got arrested on October 8th.

Implications for Crypto Regulation

This whole situation raises some serious questions about crypto regulation. On one hand, stablecoins provide an efficient means of transaction; on the other hand, they’re being used to facilitate billion-dollar drug operations!

It seems like every week there’s another story about some illicit use of cryptocurrency popping up. Law enforcement is having a tough time since these currencies are designed to be borderless and decentralized.

Increased regulation could help curb such uses but might also stifle innovation and legitimate use cases. It’s a tricky balance to strike.

Anyway, just thought I’d share this insane story I came across!