DOJ Charges Venezuelan National in $1B Cryptocurrency Laundering Conspiracy

The case shows how layered cryptocurrency transfers and banking rails can move over $1B while obscuring fund origins.

U.S. authorities have charged a Venezuelan national accused of operating a large-scale money laundering scheme tied to cryptocurrency. Investigators say the operation moved illicit funds across borders while attempting to stay out of sight. Court filings point to digital assets as a key tool for hiding the flow of money.

Court Filing Explains Role of Crypto Wallets in Laundering 

Prosecutors in the Eastern District of Virginia say Jorge Figueira, 59, ran the alleged scheme. According to the complaint, more than $1 billion moved through cryptocurrency wallets and related financial accounts connected to the network. Officials say the case shows how crypto can be used to shift large sums when combined with traditional banking channels.

Court documents state that Figueira ran a laundering network that used bank accounts, crypto exchange accounts, private wallets, and shell companies. Investigators say these tools helped move large sums of money into and out of the U.S. while hiding their sources.

According to prosecutors, cryptocurrency played a central role in the scheme. Funds were allegedly converted into digital assets and sent through a series of wallets to create layers of transactions.

Afterward, liquidity providers exchanged the crypto back into U.S. dollars. Those dollars were then transferred to bank accounts controlled by Figueira or sent to other recipients.

Authorities say the process was repeated many times and structured to make tracking difficult. Each step, prosecutors claim, was intended to conceal the origin and ownership of the funds from law enforcement agencies.

Prosecutors Raise Concerns Over Cryptocurrency Transfers to Overseas Markets

Records reviewed by investigators indicate that much of the money entering Figueira’s accounts came from cryptocurrency trading platforms. Outgoing transfers allegedly went to a mix of businesses and individuals, both inside the United States and abroad.

Moreover, prosecutors identified several high-risk jurisdictions connected to the alleged transfers. Funds were reportedly sent to recipients or accounts in Colombia, China, Panama, and Mexico. Investigators say these locations raised additional concerns due to past links with financial crime and weak oversight.

As outlined in the complaint, the scale of activity stood out. More than $1 billion is alleged to have moved through at least one identified crypto wallet. In addition, investigators say the funds also passed through multiple related bank accounts and exchange accounts.

If convicted, Figueira faces a maximum sentence of up to 20 years in federal prison. A judge would determine any final sentence after reviewing U.S. sentencing guidelines and other factors presented during the case.

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