News - Cartier heir launders money through USDT

By Ted Maas

Cartier heir launders money through USDT

Tether (ERC-20) (USDT)
Scams, crime and fraud

Cartier heir Maximilien de Hoop Cartier has been arrested in Miami - including for money laundering through USDT. According to a press release from the U.S. Department of Justice, Maximilien de Hoop Cartier was arrested along with five Colombians.

The reason: the suspects were allegedly members of a money laundering gang and attempted to smuggle more than 100 kilograms of cocaine into the US. Cartier and co. allegedly laundered the money through the stablecoin Tether (USDT) - US$14.5 million was converted into USDT before their arrest.

The official document published by the Justice Department on May 2 states that the total is "hundreds of millions of American dollars". However, the arrests had already been made on Feb. 22. While the direct descendant of luxury company founder Louis-François Cartier is awaiting trial in Miami, his co-defendants are being held in prisons in Colombia. It is still unclear when the trial will take place.

During his criminal activities, Cartier allegedly operated several P.O. box firms and claimed to authorities that his companies were software and technology companies. Cartier then allegedly laundered the money through these companies - in addition to USDT, through U.S. dollars, the Mexican peso and other currencies.

Because of its use by criminals, Tether is repeatedly at the center of criticism. In a While some exchanges may want to remove the stablecoin from their lineup altogether because of these allegations, Tether remains unimpressed: just last week, the company released its quarterly results for Q1/2024 - the result: record profits.

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