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)
$0.04213
$0.04213$0.04213
+0.40%
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 [email protected] 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

XRP Insider Shuts Down Whale Drama: Big Holders Won’t Control Crypto’s Long-Term Price

XRP Insider Shuts Down Whale Drama: Big Holders Won’t Control Crypto’s Long-Term Price

Ripple Executive Urges Caution on XRP $100 Price Hopes as Market Maturity Limits Upside A senior executive at Ripple has cautioned investors against overly o
Share
Hokanews2026/01/31 13:16
Nearly 150 Million Pi Migrated in Just Two Days, What This Unprecedented Move Means for Pi Network’s Future

Nearly 150 Million Pi Migrated in Just Two Days, What This Unprecedented Move Means for Pi Network’s Future

Pi Network has reached a significant milestone that is drawing renewed attention from the global crypto community. According to information shared on Twitter b
Share
Hokanews2026/01/31 13:43
IP Hits $11.75, HYPE Climbs to $55, BlockDAG Surpasses Both with $407M Presale Surge!

IP Hits $11.75, HYPE Climbs to $55, BlockDAG Surpasses Both with $407M Presale Surge!

The post IP Hits $11.75, HYPE Climbs to $55, BlockDAG Surpasses Both with $407M Presale Surge! appeared on BitcoinEthereumNews.com. Crypto News 17 September 2025 | 18:00 Discover why BlockDAG’s upcoming Awakening Testnet launch makes it the best crypto to buy today as Story (IP) price jumps to $11.75 and Hyperliquid hits new highs. Recent crypto market numbers show strength but also some limits. The Story (IP) price jump has been sharp, fueled by big buybacks and speculation, yet critics point out that revenue still lags far behind its valuation. The Hyperliquid (HYPE) price looks solid around the mid-$50s after a new all-time high, but questions remain about sustainability once the hype around USDH proposals cools down. So the obvious question is: why chase coins that are either stretched thin or at risk of retracing when you could back a network that’s already proving itself on the ground? That’s where BlockDAG comes in. While other chains are stuck dealing with validator congestion or outages, BlockDAG’s upcoming Awakening Testnet will be stress-testing its EVM-compatible smart chain with real miners before listing. For anyone looking for the best crypto coin to buy, the choice between waiting on fixes or joining live progress feels like an easy one. BlockDAG: Smart Chain Running Before Launch Ethereum continues to wrestle with gas congestion, and Solana is still known for network freezes, yet BlockDAG is already showing a different picture. Its upcoming Awakening Testnet, set to launch on September 25, isn’t just a demo; it’s a live rollout where the chain’s base protocols are being stress-tested with miners connected globally. EVM compatibility is active, account abstraction is built in, and tools like updated vesting contracts and Stratum integration are already functional. Instead of waiting for fixes like other networks, BlockDAG is proving its infrastructure in real time. What makes this even more important is that the technology is operational before the coin even hits exchanges. That…
Share
BitcoinEthereumNews2025/09/18 00:32