US Charges Venezuelan Man Over $1 Billion Crypto Laundering Operation
A Venezuelan national faces U.S. charges for allegedly orchestrating a $1 billion money laundering scheme involving cryptocurrency and traditional finance channels. Jorge Figueira, 59, is accused of conspiracy to launder money through a complex network of bank accounts, crypto exchanges, and shell companies.
Prosecutors claim Figueira's operation relied heavily on cryptocurrency to obscure fund origins. Illicit money was converted to digital assets, cycled through multiple wallets, then exchanged back to fiat via liquidity providers. The FBI identified approximately $1 billion in crypto moving through linked wallets.
The case highlights how sophisticated actors exploit crypto's pseudonymous features for large-scale financial crimes. Yet it also demonstrates law enforcement's growing capability to trace blockchain transactions despite obfuscation techniques.
