Federal officials seized nearly $1.8 million in cryptocurrencies from six Binance accounts tied to drug traffickers.

A U.S. Court in Eastern Michigan granted a civil forfeiture request for approximately $1.8 million in today’s value of cryptocurrencies that were seized in May 2022 as part of an operation to disrupt a cash pipeline that funneled the proceeds of narcotics sales to Mexico via stablecoins.

Court filings and source familiar with the matter say that the cash couriers would deposit money generated from drug trafficking, use Binance to purchase USDT as well as bitcoin (BTC), and then send the crypto to a designated address controlled by a criminal organization in Mexico.

(By Sam Reynolds)

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