Venezuelans accused of laundering $1 billion through cryptocurrency

Source: PortaldoBitcoin Original Title: Venezuelan is accused by the US of laundering US$1 billion using cryptocurrencies Original Link: Venezuelan is charged with laundering $1 billion through cryptocurrency

A Venezuelan individual has been charged in the United States with participating in an illegal money laundering scheme involving approximately $1 billion, utilizing cryptocurrencies. This is one of the most significant investigations into cryptocurrency and large-scale suspicious financial flows. The Office of the U.S. Attorney for the Eastern District of Virginia released this information.

The criminal indictment states that the defendant, Jorge Figueira (59 years old), used a complex network of bank accounts, crypto wallets, digital asset exchanges, and shell companies to transfer and conceal the source and destination of the funds, according to judicial documents obtained by the Department of Justice.

According to the indictment, Figueira allegedly converted illegal funds into cryptocurrencies and transferred these tokens through a series of digital wallets, attempting to hide the true nature of the funds from law enforcement. The scheme involved sending crypto assets to liquidity providers in exchange for US dollars, which were then deposited into bank accounts controlled by him and ultimately transferred to beneficiaries, including individuals and companies across the globe (such as Colombia, China, Panama, and Mexico).

FBI investigators described the operation as a behavior that “poses a profound threat to the financial system and public safety,” emphasizing the use of crypto wallets to mask global transactions.

The investigation, conducted jointly by the FBI and the Office of the Commonwealth’s Attorney for Alexandria, Virginia, details that over $1 billion in assets flowed through the wallet network involved in the case, with most funds entering through cryptocurrency exchanges. The defendant faces charges of conspiracy to commit money laundering, with a maximum sentence of 20 years in prison. A federal judge will determine the sentence based on U.S. sentencing guidelines and other relevant legal factors.

Authorities emphasize that such large-scale money laundering operations facilitate activities of transnational criminal organizations and, if left undiscovered and unpunished, could undermine legitimate financial systems. The lawsuit against Figueira is being prosecuted by Assistant U.S. Attorney Catherine Rosenberg, and the case is ongoing. The defendant is awaiting a preliminary hearing in federal court.