The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on former Olympic snowboarder Ryan James Wedding, along with nine associates and nine entities, for their alleged involvement in a transnational criminal organization. Wedding is accused of operating a cocaine empire and using Tether's USDT stablecoin to launder money and bypass traditional banking systems.
The FBI has been hunting Wedding for over a year, placing him on its Most Wanted Fugitives list. In late 2024, the Department of Justice seized over $3.2 million in cryptocurrency, one ton of cocaine, three firearms, ammunition, and $255,400 in cash. The FBI believes Wedding is extremely violent and has ordered dozens of murders using sophisticated methods.
FBI Director Kash Patel stated, "You do not get to be a drug kingpin and evade the law. Make no mistake about it: Ryan Wedding is the modern-day iteration of Pablo Escobar." The bounty for information leading to his arrest has been increased from $10 million to $15 million, and the Treasury is coordinating with Mexican authorities as Wedding is believed to be hiding in Mexico.
This case has prompted renewed calls for stricter regulations on cryptocurrencies to combat illegal activities, with the Treasury emphasizing the role of crypto in facilitating anonymous crimes.
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