FBI Arrests Former Olympic Snowboarder Accused of Running Drug Trafficking Ring…Signs of Money Laundering via Digital Assets

Uk Jin

Summary

The U.S. Federal Bureau of Investigation (FBI) said Ryan James Wedding was arrested on allegations of running a major international drug trafficking organization.
Authorities said they identified indications that Wedding’s organization set up shell companies and used a range of digital assets—including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Solana (SOL) and Binance Coin (BNB)—to launder and conceal criminal proceeds.
The U.S. Treasury Department and investigators said they are focusing on money laundering using digital assets based on cases involving Wedding’s organization’s misuse of such assets.

Ryan James Wedding, a former Canadian Olympic snowboarder, has been arrested on allegations of running a major international drug trafficking organization.

According to CNBC on the 24th (Korea time), the U.S. Federal Bureau of Investigation (FBI) said Wedding was arrested in Mexico and extradited to the United States. Wedding is accused of working with Mexico’s Sinaloa cartel to smuggle Colombian cocaine into the U.S. and Canada via Mexico and Southern California.

Investigators say Wedding spent more than a decade in hiding in Mexico while overseeing the distribution of tens of tons of narcotics, and is also accused of ordering multiple killings, including of a government witness, in the course of running the organization. He was placed on the FBI’s “Top 10 Most Wanted” list in March, with a reward of up to $15 million.

Authorities have also identified indications that digital assets were abused in the criminal scheme. The U.S. Treasury Department and investigators believe Wedding’s organization set up shell companies and used a range of digital assets—including Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Solana (SOL) and Binance Coin (BNB)—to launder and conceal illicit proceeds.