Venezuelan Man Charged in $1B Crypto Crime Scandal

3 mins mins

Key Insights:

Feds allege $1B in dirty funds moved via crypto wallets, banks, and shell companies.
The FBI tracked international transfers from the U.S. to China, Colombia, Panama, and Mexico.
Jorge Figueira faces up to 20 years if convicted in the billion-dollar laundering case.

Section 84 — *Venezuelan Man Charged in $1B Crypto Crime Scandal*

Federal prosecutors have charged Jorge Figueira, a 59-year-old Venezuelan national, with conspiracy to launder money through cryptocurrency and financial institutions. The complaint was filed in the Eastern District of Virginia. Authorities allege that Figueira moved approximately $1 billion in illegal funds using a network of bank accounts, cryptocurrency platforms, private wallets, and shell companies.

The funds were allegedly converted into cryptocurrency and sent through digital wallets controlled by Figueira and others. The money was later converted back into U.S. dollars using liquidity providers and transferred into bank accounts before reaching the final recipients. This method, prosecutors say, was used to make the money trail harder to trace.

FBI Uncovers Global Money Transfers

The FBI, which is assisting in the investigation, reported that about $1 billion worth of digital assets passed through wallets linked to Figueira’s operation. These assets were then sent to individuals and companies across different countries, including Colombia, China, Panamá, and Mexico.

Reid Davis, Special Agent in Charge of the FBI Washington Field Office’s Criminal Division, stated:

“By enlisting subordinates and conducting scores of transfers, Figueira sought to conceal the nature of the funds.”

The FBI believes that the volume and direction of the transfers may have supported illegal activity in several areas. They say the pattern of movement fits the profile of international laundering schemes used to move funds across borders without detection.

Details of the Laundering Process

According to the court filing, Figueira’s accounts received large sums from cryptocurrency trading platforms. These funds were then directed through different routes, both in the U.S. and overseas. The majority of the outbound transactions were sent to businesses and individuals, many of whom were located in areas flagged for high financial risk.

Authorities say Figueira used several layers in the transaction process. By switching between crypto and traditional currency, and using multiple accounts, the operation was set up to avoid drawing attention from financial regulators.

Next Steps in the Legal Process

Figueira faces up to 20 years in prison if convicted. Sentencing will be determined by a federal district court judge. The court will consider federal sentencing rules and other legal factors before issuing a final decision.

U.S. Attorney Lindsey Halligan commented:

“Those who move illicit funds in the billions should expect to be identified, disrupted, and held fully accountable under federal law.”

The case is being handled by Assistant U.S. Attorney Catherine Rosenberg. Official documents are available through the U.S. District Court for the Eastern District of Virginia under Case No. 1:25-mj-730.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.