The Department of Justice charged a Venezuelan national this week for allegedly using crypto exchanges in a $1 billion money laundering scheme.
According to the complaint, the funds moved in and out of the United States. Outbound destinations included “high-risk” jurisdictions such as Colombia, China, Panama, and Mexico.
According to court records, 59-year-old Jorge Figueira of Venezuela is accused of using multiple bank accounts, cryptocurrency exchange accounts, private crypto wallets, and shell companies to move and launder illicit funds across borders.
Figueira allegedly followed a multi-step process that included converting funds into cryptocurrency and routing them through a network of digital wallets. The crypto assets were then moved through a structured sequence to obscure their origin.
He reportedly sent the funds to liquidity providers to convert the cryptocurrency into dollars, then transferred the funds to his bank accounts and eventually to the final recipients.
The case against Figueira is currently under review in the Eastern District of Virginia. US Attorney Lindsey Halligan emphasized that the volume of money involved represented substantial risks to public safety.
If convicted, Figueira faces up to 20 years in prison.
This is one of several investigations that have emerged over the past year. Together, they highlight the growing use of cryptocurrencies in facilitating illicit activities.
Cryptocurrency crime has reached an all-time high in 2025, and the trend seems to continue into the new year.