TLDR: Jorge Figueira allegedly laundered approximately one billion dollars using cryptocurrency and shell companies. The FBI traced funds through multiple cryptoTLDR: Jorge Figueira allegedly laundered approximately one billion dollars using cryptocurrency and shell companies. The FBI traced funds through multiple crypto

Venezuelan National Charged in $1 Billion Cryptocurrency Money Laundering Scheme

TLDR:

  • Jorge Figueira allegedly laundered approximately one billion dollars using cryptocurrency and shell companies.
  • The FBI traced funds through multiple crypto wallets to individuals and businesses in high-risk jurisdictions.
  • Figueira converted cash to cryptocurrency then back to dollars through liquidity providers to conceal origins.
  • If convicted of conspiracy to launder money, Figueira faces a maximum sentence of 20 years in federal prison. 

Jorge Figueira, a 59-year-old Venezuelan national, faces federal money laundering charges in the Eastern District of Virginia. 

The U.S. Department of Justice alleges he orchestrated a scheme involving approximately one billion dollars in illicit funds. 

Authorities claim Figueira used cryptocurrency exchanges, bank accounts, and digital wallets to obscure the origin of these funds.

Extensive Network Utilized Multiple Financial Channels

The criminal complaint outlines how Figueira allegedly established a complex laundering operation spanning multiple jurisdictions. 

According to court documents, he employed various bank accounts and cryptocurrency exchange platforms to move money. 

Shell companies were also part of the alleged infrastructure used to process the illicit funds.

The FBI tracked approximately one billion dollars through cryptocurrency wallets linked to Figueira’s operation. 

“The FBI has identified approximately a billion dollars’ worth of cryptocurrency that was passed through crypto wallets utilized by Figueira,” said Reid Davis, Special Agent in Charge of the FBI Washington Field Office’s Criminal Division. 

Davis noted that Figueira enlisted subordinates and conducted numerous transfers to conceal the funds’ nature.

The alleged laundering process involved several conversion steps to maintain anonymity. Figueira would reportedly convert cash to cryptocurrency before directing it through a series of digital wallets. 

Subsequently, liquidity providers would exchange the cryptocurrency back to dollars. The converted funds then moved through Figueira’s bank accounts before reaching the intended recipients.

High-Risk Jurisdictions Received Transferred Funds

Financial records show the majority of incoming funds originated from cryptocurrency trading platforms. Meanwhile, outbound transfers went to various entities in the United States and abroad. 

Court filings specifically mention high-risk jurisdictions, including Colombia, China, Panama, and Mexico as destination points for these funds.

U.S. Attorney Lindsey Halligan emphasized the gravity of the charges in a statement. “This case involves the alleged laundering of approximately a billion dollars – a scale of criminal conduct that poses a profound threat to financial systems,” she said. 

She noted that those who move illicit funds in the billions should expect to be held fully accountable.

The Eastern District of Virginia has jurisdiction over this case, with Assistant U.S. Attorney Catherine Rosenberg handling prosecution. Federal authorities continue investigating the full scope of the alleged laundering network.

Figueira faces a maximum sentence of 20 years in federal prison if convicted. However, actual sentencing would be determined by a federal district court judge. 

The court will consider U.S. Sentencing Guidelines and other statutory factors when deciding any potential sentence.

The post Venezuelan National Charged in $1 Billion Cryptocurrency Money Laundering Scheme appeared first on Blockonomi.

Market Opportunity
MyShell Token Logo
MyShell Token Price(SHELL)
$0.04879
$0.04879$0.04879
+2.91%
USD
MyShell Token (SHELL) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

American Bitcoin’s $5B Nasdaq Debut Puts Trump-Backed Miner in Crypto Spotlight

American Bitcoin’s $5B Nasdaq Debut Puts Trump-Backed Miner in Crypto Spotlight

The post American Bitcoin’s $5B Nasdaq Debut Puts Trump-Backed Miner in Crypto Spotlight appeared on BitcoinEthereumNews.com. Key Takeaways: American Bitcoin (ABTC) surged nearly 85% on its Nasdaq debut, briefly reaching a $5B valuation. The Trump family, alongside Hut 8 Mining, controls 98% of the newly merged crypto-mining entity. Eric Trump called Bitcoin “modern-day gold,” predicting it could reach $1 million per coin. American Bitcoin, a fast-rising crypto mining firm with strong political and institutional backing, has officially entered Wall Street. After merging with Gryphon Digital Mining, the company made its Nasdaq debut under the ticker ABTC, instantly drawing global attention to both its stock performance and its bold vision for Bitcoin’s future. Read More: Trump-Backed Crypto Firm Eyes Asia for Bold Bitcoin Expansion Nasdaq Debut: An Explosive First Day ABTC’s first day of trading proved as dramatic as expected. Shares surged almost 85% at the open, touching a peak of $14 before settling at lower levels by the close. That initial spike valued the company around $5 billion, positioning it as one of 2025’s most-watched listings. At the last session, ABTC has been trading at $7.28 per share, which is a small positive 2.97% per day. Although the price has decelerated since opening highs, analysts note that the company has been off to a strong start and early investor activity is a hard-to-find feat in a newly-launched crypto mining business. According to market watchers, the listing comes at a time of new momentum in the digital asset markets. With Bitcoin trading above $110,000 this quarter, American Bitcoin’s entry comes at a time when both institutional investors and retail traders are showing heightened interest in exposure to Bitcoin-linked equities. Ownership Structure: Trump Family and Hut 8 at the Helm Its management and ownership set up has increased the visibility of the company. The Trump family and the Canadian mining giant Hut 8 Mining jointly own 98 percent…
Share
BitcoinEthereumNews2025/09/18 01:33
China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push

China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push

TLDR China instructs major firms to cancel orders for Nvidia’s RTX Pro 6000D chip. Nvidia shares drop 1.5% after China’s ban on key AI hardware. China accelerates development of domestic AI chips, reducing U.S. tech reliance. Crypto and AI sectors may seek alternatives due to limited Nvidia access in China. China has taken a bold [...] The post China Bans Nvidia’s RTX Pro 6000D Chip Amid AI Hardware Push appeared first on CoinCentral.
Share
Coincentral2025/09/18 01:09
The Japanese House of Representatives has been formally dissolved.

The Japanese House of Representatives has been formally dissolved.

PANews reported on January 23 that, according to CCTV, the Japanese Diet opened and the House of Representatives held a plenary session. Speaker Fukushiro Nukaga
Share
PANews2026/01/23 12:08