Venezuelan National Charged in $1 Billion Cryptocurrency Money Laundering Scheme - Brave New Coin

Jorge Figueira, 59, faces up to 20 years in prison if convicted of conspiracy to launder money. According to a criminal complaint filed in the Eastern District of Virginia (Case No. 1:25-mj-730), authorities allege his network processed illicit funds across multiple continents while deliberately concealing transactions from law enforcement.

The Alleged Operation

Court documents reveal that Figueira allegedly directed a sophisticated laundering network that operated between 2018 and the present. The operation relied on various bank accounts, cryptocurrency exchange accounts, private digital wallets, and shell companies to move large amounts of illicit money into and out of the United States.

The FBI identified approximately $1 billion in cryptocurrency that passed through wallets linked to Figueira’s operation. “By enlisting subordinates and conducting scores of transfers, Figueira sought to conceal the nature of the funds, potentially facilitating criminal activity in numerous countries,” said FBI Special Agent in Charge Reid Davis.

Source: @WuBlockchain

According to federal investigators, the laundering process followed a multi-step pattern. Figueira allegedly converted cash into cryptocurrency, routed digital assets through multiple wallets, then used liquidity providers to exchange them back into U.S. dollars. The funds then moved through Figueira-controlled bank accounts before reaching their final destinations.

Most of the incoming funds to Figueira’s accounts came from cryptocurrency trading platforms. The majority of outbound transfers went to businesses and individuals in the United States and overseas, including high-risk jurisdictions such as Colombia, China, Panama, and Mexico.

USDT and Tron Network Exploitation

Court documents unsealed this month reveal that Figueira’s preferred cryptocurrency was Tether’s USDT stablecoin, which he used on the Tron blockchain to receive large payments before converting them through liquidity providers into U.S. dollars.

Federal authorities quoted Figueira in intercepted communications saying: “Let me be clear with you, [USDT] is used a lot for laundering money. It is used for what we are doing. It is used to transfer money in a quick way, even to make it get to jurisdictions that have some type of issues.”

Figueira allegedly boasted that he and his associates would manage up to $700 million per month, sending funds around the world. He claimed he could receive $100 million in a single transaction with his digital wallet.

Growing Threat of Crypto Crime

The Figueira case arrives as cryptocurrency-related crime reaches unprecedented levels. According to Chainalysis data released in January 2026, illicit cryptocurrency addresses received at least $154 billion in 2025, representing a 162% increase from the previous year.

Stablecoins now dominate criminal transactions, accounting for 84% of all illicit transaction volume in 2025. This represents a dramatic shift from 2020, when Bitcoin accounted for roughly 70% of illicit transactions while stablecoins represented just 15%. By 2025, those positions completely reversed, with Bitcoin shrinking to approximately 7% of illicit activity.

The shift reflects stablecoins’ practical advantages for criminals: ease of cross-border transfers, lower volatility compared to other cryptocurrencies, and broader utility for converting funds. USDT, the most-traded digital asset, runs on multiple blockchains, but transactions on Tron are particularly attractive because they’re faster and cheaper than other networks.

Federal Enforcement Intensifies

U.S. Attorney Lindsey Halligan emphasized the severity of the charges. “This case involves the alleged laundering of approximately a billion dollars – a scale of criminal conduct that poses a profound threat to financial systems and public safety,” she said. “Money laundering at this level enables transnational criminal organizations to operate, expand, and inflict real-world harm. Those who move illicit funds in the billions should expect to be identified, disrupted, and held fully accountable under federal law.”

The charges against Figueira reflect intensified federal enforcement targeting crypto-related money laundering nationwide. Manhattan District Attorney Alvin Bragg recently urged New York lawmakers to criminalize unlicensed crypto operations, characterizing them as a “$51 billion criminal economy.”

Just days after Figueira’s charges were filed, Tether froze over $182 million in USDT across five Tron-based wallets on January 11, 2026, following formal requests from law enforcement. Between 2023 and 2025, Tether has frozen approximately $3.3 billion in assets from over 7,000 addresses as part of its compliance efforts with U.S. authorities.

Federal data shows the expanding scope of crypto-enabled crime. The FBI reported nearly 11,000 crypto ATM-related complaints in 2024, totaling more than $246 million in losses. From January through November 2025, that figure rose to $333.5 million.

Venezuela’s Crypto Landscape

The case emerges against the backdrop of Venezuela’s complex relationship with cryptocurrency. Economic instability and hyperinflation have driven widespread crypto adoption among ordinary Venezuelans seeking to protect their savings from currency devaluation.

Cryptocurrency transactions in Venezuela surged 110% in the second quarter of 2024 compared to the same period the previous year. Estimates suggest approximately $20 billion flowed into the Venezuelan economy through cryptocurrency in 2024, representing a significant portion of the nation’s $100 billion GDP.

However, this legitimate adoption exists alongside Venezuela’s use of crypto for sanctions evasion and illicit finance. The lack of clear regulatory guidelines creates a gray area where illicit operations can flourish alongside legitimate economic activity.

What Happens Next

The case is being prosecuted by Assistant U.S. Attorney Catherine Rosenberg. If convicted, Figueira faces a maximum sentence of up to 20 years in federal prison. Any sentence would be determined by a federal district court judge considering U.S. Sentencing Guidelines and other statutory factors.

Officials emphasize that a criminal complaint is only an accusation, and Figueira is presumed innocent until proven guilty in a court of law. Court documents are publicly available through the District Court for the Eastern District of Virginia or PACER by searching Case No. 1:25-mj-730.

The FBI continues investigating the full scope of the alleged laundering network and its connections to transnational criminal organizations.

The Billion-Dollar Reckoning

The Figueira prosecution signals a new phase in federal enforcement against cryptocurrency-enabled financial crime. As digital assets become increasingly central to both legitimate economic activity and criminal operations, authorities are demonstrating their capacity to trace, identify, and prosecute those who exploit these systems at massive scale. The case serves as a stark warning that the anonymity once associated with cryptocurrency transactions is rapidly eroding in the face of sophisticated blockchain analysis and international law enforcement cooperation.