Unsealed court documents highlight how drug cartels from Mexico and Colombia are leveraging cryptocurrency, particularlyTether(CRYPTO: USDT) andBitcoin(CRYPTO: BTC), to launder tens of millions of dollars.
What Happened:The documents shed light on how criminal organizations, including theSinaloacartel, have turned to stablecoins and blockchain technology to move wealth across borders, according to a report from404 Media.
Benzinga has reached out to Tether CEOPaolo Ardoinofor comments.
One confidential source disclosed to investigators that cartels purchase USDT in Mexico at below-market rates, given its association with drug proceeds.
"The current trend was to purchase...
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