U.S. federal prosecutors have charged a Venezuelan man with running what they describe as one of the largest crypto money-laundering operations ever brought by the Justice Department—an alleged scheme that moved around $1 billion through digital wallets, shell companies, and bank accounts worldwide.
The accused, Jorge Figueira, 59, now faces up to 20 years in prison if convicted of conspiracy to launder money. Authorities say his network deliberately hid transactions from law enforcement while moving funds across multiple continents.
According to a criminal complaint filed in Virginia’s Eastern District, Figueira allegedly oversaw a sophisticated system that converted cash into cryptocurrency, passed it through layers of digital wallets, then turned it back into U.S. dollars before sending it to recipients in high-risk regions, including Colombia, China, Panama, and Mexico.
Prosecutors claim more than $1 billion flowed through the crypto wallets and financial accounts tied to the operation between 2018 and the present, with much of the money originating from crypto trading platforms.
A Global Laundering Network
Court documents describe a sprawling operation involving subordinates who carried out hundreds of transactions designed to mask where the money came from—and where it was going.
Investigators say the scheme relied on a web of bank accounts, crypto exchange accounts, private wallets, and shell companies to move huge sums in and out of the U.S. without raising red flags.
The FBI’s Washington Field Office estimates that roughly $1 billion in crypto passed through wallets linked to the alleged operation. Officials say the network served individuals and businesses around the world while helping conceal potentially criminal activity across multiple countries.
U.S. Attorney Lindsey Halligan stressed the broader impact of cases like this, warning that money laundering on this scale allows transnational criminal organizations to grow and cause real-world harm.
“Those who move illicit funds in the billions should expect to be identified, disrupted, and held fully accountable,” she said.
Part of a Wider Crypto Crackdown
The charges come as U.S. authorities ramp up enforcement against crypto-related financial crime.
Earlier this week, Manhattan District Attorney Alvin Bragg urged New York lawmakers to criminalize unlicensed crypto operations, calling them part of a $51 billion underground economy.
Federal data underscores the scope of the problem. The FBI reported nearly 11,000 complaints tied to crypto ATMs in 2024, resulting in losses of more than $246 million. Meanwhile, blockchain analytics firm Chainalysis says illicit crypto addresses received a record $154 billion in 2025, a sharp jump from previous years.
Recent prosecutions span a wide range of cases. In Utah, Brian Garry Sewell was sentenced to three years in prison for running a $2.9 million fraud while operating an unlicensed cash-to-crypto business. In New York, prosecutors charged Ronald Spektor, a 23-year-old Brooklyn resident, with stealing roughly $16 million from Coinbase users through phishing scams that relied on panic rather than technical exploits.
What Happens to Seized Crypto?
As crypto seizures grow, the U.S. government has shifted how it handles them. Rather than auctioning off confiscated digital assets, authorities have moved to establish a Strategic Bitcoin Reserve, formally holding seized crypto instead.
The policy was one of the first actions taken by Donald Trump after returning to office, through an executive order supporting the reserve.
Still, questions remain. Recently, reports emerged suggesting the Justice Department may have sold 57 Bitcoin seized from the developers of Samourai Wallet—highlighting ongoing uncertainty around how seized crypto is ultimately managed.
