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Drug cartels are reportedly using Tether (USDT) for money laundering

Author: Content Editor
Drug cartels in North and South America are reportedly using Tether (USDT) to facilitate money laundering activities. They use the stablecoin to transfer funds and cash quickly and anonymously between Mexico, Colombia, and the US. The Sinaloa cartel and other criminal organizations have allegedly used USDT in major drug trafficking deals. USDT is resold in Colombia through various platforms, resulting in significant criminal proceeds. Law enforcement agencies have filed cases and investigations to recover USDT holdings associated with drug sales. Tether's parent company has stated that it will monitor and prevent fraudulent activities involving USDT. The use of cryptocurrencies for money laundering is not limited to USDT, as Bitcoin and other cryptocurrencies are also used. Tether has previously faced legal issues, including accusations of defrauding investors. Despite these concerns, Tether continues to dominate the stablecoin market, holding over 75% of the market share. The company recently made a significant investment in a Latin American agricultural company. However, concerns about transparency and governance persist, which may have implications for the future of Tether.

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