A former Olympic snowboarder, Ryan James Wedding, has been charged by the US Department of Justice for his alleged involvement in a billion-dollar cocaine trafficking gang. The gang reportedly used the stablecoin Tether (USDT) as a crucial component of its operation, making cryptocurrency payments for cocaine and using QR codes for transactions. The Department of Justice has seized over $3.2 million in cryptocurrency, along with drugs, firearms, and cash. Wedding is currently a fugitive, and the FBI is offering a reward for his arrest. The news highlights the use of cryptocurrencies in illegal activities and raises concerns about the lack of transparency and regulation in the crypto industry. Tether, the third-largest cryptocurrency by market capitalization, has faced criticism for its lack of documentation and independent audits. The company has claimed compliance through quarterly attestations and transparency reports and has been cooperating with law enforcement to combat criminal use of its funds.



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