Cartier Heir Caught in Crypto Money Laundering Scandal: Impact on Bitcoin (BTC) and Ethereum (ETH)

• The US Justice Department has arrested Maximilien de Hoop Cartier, an heir to the Cartier jewelry empire, on charges of money laundering using Tether’s USDT stablecoin.
• Cartier allegedly coordinated with a Colombian drug cartel to import 100 kilos of cocaine and laundered hundreds of millions of dollars, primarily through over-the-counter (OTC) USDT trades.
• Cartier and his accomplices managed to launder $14.5 million worth of USDT stablecoin before their arrest.

Maximilien de Hoop Cartier, an heir to the Cartier jewelry empire, has been arrested for money laundering using Tether’s USDT stablecoin. This case marks a rare intersection between influential people and crypto-related crime.

Cartier Jewelry Heir Allegedly Tried to Import 100 Kilos of Cocaine

According to the indictment, Cartier allegedly employed shell companies, presenting them as legitimate software and technology businesses to financial institutions. He used these companies’ accounts as unlicensed money transmitters. It was also revealed that Cartier and his Colombian accomplices managed to launder $14.5 million worth of USDT stablecoin before their arrest. He is currently awaiting sentencing at a Miami detention center and faces four counts of criminal misconduct while his accomplices are being held in Colombia.

Stablecoins and Money Laundering

Stablecoins like USDT can be used for money laundering due to their relative stability compared to other cryptocurrencies. This makes them suitable for storing and transferring funds without the price volatility seen in assets like Bitcoin. Additionally, the pseudonymous nature of cryptocurrency transactions can make it difficult to trace the source and destination of fu... Read the full article for FREE at COINOTAG!