The U.S. Department of the Treasury imposed sanctions on former Canadian Olympic athlete Ryan James Wedding, accused of leading a vast drug-trafficking empire that allegedly used cryptocurrencies to launder proceeds. The measure aims to freeze assets and isolate Wedding and his associates following allegations of large-scale cocaine operations and extreme violence. The action was announced as part of a multilateral effort with the FBI, DOJ, RCMP and Mexican authorities.
Sanctions expose what U.S. officials describe as a sprawling criminal network using crypto to mask illicit flows
U.S. officials describe Wedding as the leader of a transnational organization responsible, according to authorities, for moving up to 60 tons of cocaine per year and ordering dozens of murders. The Treasury frames him as one of the most dangerous fugitives in North America, backed by a $15 million FBI reward.
As part of the late-2024 investigation, the Department of Justice seized $3.2 million in cryptocurrency, one ton of cocaine, three firearms and $255,400 in cash. OFAC’s asset freeze against Wedding, nine alleged collaborators and nine related entities aims to choke off every financial channel tied to the organization.
Investigators highlight lethal intimidation tactics linked to the group, noting that a witness was murdered in Medellín after a multimillion-dollar bounty was allegedly placed and the victim’s image was posted online. The Treasury presented the case under “Operation Giant Slalom,” coordinated with U.S., Canadian and Mexican authorities.
Quoting officials, “Today we are exposing the network of associates and facilitators behind Ryan Wedding and cutting them off from the U.S. financial system,” said John K. Hurley, Under Secretary for Terrorism and Financial Intelligence. FBI Director Kash Patel described Wedding as “a modern-day Pablo Escobar,” capturing the scale of the alleged criminal machine.
The indictment outlines a network of alleged facilitators with distinct roles across finance, logistics and protection, including Castillo Moreno, Paradkar, Sokolovski and Vázquez Alvarado. Authorities say these individuals enabled laundering operations, coordinated violent enforcement and moved millions through crypto-based channels.
Official documents point to heavy reliance on USDT (Tether) for transfers and concealment. The sanctions raise immediate compliance and counterparty risks for exchanges, custodians and crypto treasuries, which could face freezes or loss of access to liquidity if any link to sanctioned entities is detected.
The Treasury’s action marks a more aggressive enforcement phase against illicit crypto activity, creating operational risks across the market. The next milestone will be the results and arrests connected to “Operation Giant Slalom,” which will determine how effectively authorities dismantle the network’s financial infrastructure.