FBI seizes $2M in crypto for alleged money laundering in New Mexico

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September 10, 2026

The FBI seized more than $2 million in New Mexico due to suspected money laundering. Authorities believe the funds were part of a network used by drug traffickers from the Sinaloa Cartel, according to areport by Santa Fe New Mexican.

Authorities seized a total of around $2.2 million from four accounts holding Tether stablecoin. No arrests have been made as a result of the seizure.

Undercover officers worked to purchase cocaine from a man believed to work for the Los Mayos faction of the cartel. Agents paid Miguel Torres in Tether. Later on, they detected him gathering bulk cash payments and converting it into crypto before sending it on the Tron blockchain.

This is part of an overall effort by the FBI to disrupt criminal operations, especially money laundering.