A money laundering organization connected to United States cocaine imports from Mexico and Colombia uses Tether (USDT), alleges a new report.

Drug traffickers have turned to crypto, and USDT in particular, “as a way to quickly move wealth across borders in recent years,” according to a recent Court Watch report. Court records from multiple cases allege that criminal organizations—including the Sinaloa Mexican drug cartel—use such assets for large-scale drug trafficking.

The news follows a recent report that a Canadian Olympic snowboarder and his gang allegedly used USDT as part of a cocaine trafficking operation, with the group also being purportedly responsible for multiple murders. Law enforcement say cocaine was moved from Colombia through Mexico and then into the United States and Canada.

The reports say the situation is so dire that USDT is sold at a discount in Mexico because the knowledge that it comes from drug proceeds is so widespread.

The report cites one source saying, “The current trend was to purchase USDT from Mexico-based groups at a cheaper rate than the market price, and then sell the USDT in Colombia at Casa de Cambios [currency exchanges], virtual currency exchanges, over-the-counter (OTC) transactions, or peer-to-peer transactions (P2P).”

“The USDT was sold at a cheaper rate in Mexico because it was known to be drug proceeds,” the anonymous source highlights. Decrypt cou

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Author: Adrian Zmudzinski