International Drug Network Collapses: Former Olympian Arrested
Recently, the FBI arrested former Olympic snowboarder Ryan Wedding in Mexico City. He is accused of leading an international drug trafficking ring that used crypto assets to launder money on a large scale.
Crypto as a Money Laundering Tool
This criminal network collaborated with the Sinaloa Cartel to transport hundreds of kilograms of cocaine from Colombia through Mexico and California into the United States and Canada. The U.S. Treasury noted that the group used multiple blockchain technologies, including Bitcoin, Ethereum, Tron, Solana, and BNB Chain, for financial transactions. It also demonstrated complex multi-chain laundering patterns using stablecoins.
Global Sanctions and Legal Action
In 2024, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Wedding and his associates, along with shell companies linked to the operation. Multiple crypto addresses were frozen as part of the investigation. Additionally, Wedding is accused of orchestrating the murder of informants and planning several violent acts tied to drug-related retaliation.
- He was added to the FBI’s Ten Most Wanted list
- The reward for his capture reached up to $15 million
- He faces charges including cocaine trafficking and murder
Wedding is expected to be extradited to the U.S. to face trial.