Federal prosecutors have charged a Venezuelan man with laundering about $1 billion through cryptocurrency and shell companies. Officials say it is one of the largest crypto money laundering cases ever brought by the U.S. Justice Department.
The defendant, Jorge Figueira, 59, faces up to 20 years in prison if convicted of conspiracy to launder money. Authorities allege he ran a global network designed to hide illegal funds from law enforcement.
According to a criminal complaint filed in the Eastern District of Virginia, Figueira converted cash into cryptocurrency and moved it through many digital wallets. The funds were later exchanged back into U.S. dollars and sent to recipients in high-risk countries.
Prosecutors say more than $1 billion flowed through crypto wallets and financial accounts linked to the operation between 2018 and the present. Most of the incoming funds reportedly came from crypto trading platforms.
Court records state that the network operated across several countries, including Colombia, China, Panama, and Mexico. Investigators say the group used shell companies, bank accounts, and private wallets to disguise the source and destination of money.
The FBI said it tracked roughly $1 billion in cryptocurrency moving through wallets controlled by the alleged operation. Officials believe the system helped individuals and businesses move funds while hiding possible criminal activity.
U.S. Attorney Lindsey Halligan said money laundering on this scale allows global criminal groups to grow and cause real harm. She warned that those who move illicit funds in the billions will face strong federal action.
The case comes as U.S. authorities increase enforcement against crypto-related crimes. Federal agencies report rising losses tied to crypto fraud and illegal transfers. Figueira is presumed innocent unless proven guilty, and the case will proceed in federal court.
