FBI Puts $10M Bounty on Ex-Olympian Who Allegedly Laundered Drug Money With Tether

U.S authorities have slapped a $10 million bounty for the capture of Ryan Wedding, a former Canadian Olympic snowboarder, who faces serious allegations of running a transnational cocaine empire. 

The Federal Bureau of Investigation (FBI) announced on Thursday that the Canadian is now added to the Ten Most Wanted Fugitives list in a desperate bid to catch him sooner.

The U.S. Department of State’s Bureau of International Narcotics and Law Enforcement Affairs has offered a $10 million reward under the “Narcotics Rewards Program (NRP),” for any information that leads to Wedding’s capture, per their statement.

“Wedding went from shredding powder on the slopes at the Olympics to distributing powder cocaine on the streets of U.S. cities and in his native Canada,” said Akil Davis, assistant director of the FBI’s Los Angeles Field Office.

In October 2024, the DOJ filed criminal charges against Wedding and 15 other defendants, accusing them of leading the syndicate and committing multiple atrocities as part of their trafficking efforts.

U.S. authorities claim Wedding allegedly used his criminal organization to smuggle hundreds of kilograms of cocaine and fentanyl into North America while orchestrating numerous murders to protect his business.

The former Olympian allegedly used Tether (USDT), the largest stablecoin by market cap, to launder money and bypass traditional banking systems.

A Tether spokesperson did not immediately return Decrypt’s request for comment.

Along with his co-conspirator Andrew Clark, Wedding allegedly ordered the murders of those who stood in their way, including a family targeted in Ontario, Canada, in 2023.

Clark, who was arrested in Mexico, is facing charges, but according to authorities, Wedding remains on the run, believed to be hiding in Mexico under the protection of the Sinaloa cartel. 

If convicted, he and Clark face a mandatory minimum penalty of life in federal prison for their roles in running a continuing criminal enterprise. 

The murder and attempted murder charges carry mandatory minimum sentences of 20 years, while the drug trafficking charges could result in prison sentences of 10 to 15 years. 

Aside from the $10 million reward from the State Department, the bounty also includes the FBI’s previously announced $50,000 reward for tips leading directly to Wedding’s capture. 

The FBI’s investigation into Wedding’s operation provides ammunition for those that say crypto is increasingly used in international and domestic crime. 

A November report revealed Mexican drug cartels, including Sinaloa, rely on Tether to move illicit funds quickly across borders. 

This crypto, known for its stability and ease of transfer, has become a favorite tool for money laundering and illegal transactions. 

The U.S. government has seized millions of dollars in USDT linked to cocaine trafficking, with additional investigations showing cartels using the currency to hide their proceeds.

Edited by Sebastian Sinclair