DOJ Charges Venezuelan National in $1 Billion Crypto Laundering Scheme
The Department of Justice charged a Venezuelan nationwide this week for allegedly utilizing crypto exchanges in a $1 billion cash laundering scheme.
According to the grievance, the funds moved in and out of the United States. Outbound locations included “high-risk” jurisdictions resembling Colombia, China, Panama, and Mexico.
Prosecutors Detail Multi-Step Crypto Fund Routing
According to courtroom information, 59-year-old Jorge Figueira of Venezuela is accused of utilizing a number of financial institution accounts, cryptocurrency trade accounts, non-public crypto wallets, and shell corporations to move and launder illicit funds throughout borders.
“By enlisting subordinates and conducting scores of transfers, Figueira sought to hide the character of the funds, probably facilitating prison exercise in quite a few nations,” FBI particular agent Reid Davis stated in an announcement.
Figueira allegedly adopted a multi-step course of that included changing funds into cryptocurrency and routing them by a network of digital wallets. The crypto property have been then moved by a structured sequence to obscure their origin.
He reportedly despatched the funds to liquidity providers to transform the cryptocurrency into {dollars}, then transferred the funds to his financial institution accounts and finally to the ultimate recipients.
The case towards Figueira is at present beneath overview in the Eastern District of Virginia. US Attorney Lindsey Halligan emphasised that the quantity of cash concerned represented substantial risks to public safety.
“Money laundering at this degree allows transnational prison organizations to function, develop, and inflict real-world hurt. Those who transfer illicit funds in the billions ought to anticipate to be recognized, disrupted, and held totally accountable beneath federal regulation,” Halligan stated in an announcement.
If convicted, Figueira faces as much as 20 years in jail.
This is certainly one of a number of investigations which have emerged over the previous 12 months. Together, they spotlight the rising use of cryptocurrencies in facilitating illicit actions.
Illicit Crypto Flows Surge Despite Oversight
Cryptocurrency crime has reached an all-time high in 2025, and the pattern appears to proceed into the brand new 12 months.
According to a current Chainalysis report, illicit addresses received at least $154 billion final 12 months. The determine represented a 162% enhance from 2024.
Stablecoins, in explicit, have been criminals’ most well-liked crypto asset. In 2020, Bitcoin accounted for roughly 70% of illicit transactions, whereas stablecoins accounted for under 15% of complete quantity.
Five years later, that sample has reversed. In 2025, stablecoins represented 84% of all illicit transaction quantity. Bitcoin’s use shrunk to simply 7%.
As a end result, main stablecoin issuers have needed to intervene. On Sunday, Tether, the issuer of USDT, froze over $180 million in a single day as a consequence of suspicious exercise detected throughout Tron-based wallets.
The episode additionally highlighted the rising coordination amongst regulation enforcement companies, stablecoin issuers, and blockchain analytics platforms.
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