NM Agents Seize $2M in Crypto Tied to Sinaloa Cartel Money Laundering
Federal agents in New Mexico have seized over $2 million in cryptocurrency as part of an investigation into money laundering tied to the Mexican Sinaloa Cartel.
The seizure is connected to a probe that began in February 2025, which involves undercover officers and confidential sources purchasing cocaine from Miguel Torres, who investigators claim works for the Los Mayos faction of the cartel.
Undercover agents paid Torres $30,000 in Tether, a stablecoin, in March 2025 as part of a 'proof of concept' to test using cryptocurrency for transferring drug proceeds across the border.
The FBI alleges that the accounts tied to the funds are controlled by professional money laundering organizations engaged by the cartel, as well as entities linked to the Islamic Revolutionary Guard Corps.