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This week, the Department of Justice charged a Venezuelan citizen for allegedly using cryptocurrency platforms in a $1 billion money laundering operation.
The complaint explained that the money moved to and from the United States, and the overseas destinations included “high risk” areas such as Colombia, China, Panama and Mexico.
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Prosecutors explain the multi-step cryptocurrency fund transfer route
Court records show that Jorge Figuera, 59, a Venezuelan, is accused of using multiple bank accounts, cryptocurrency trading platform accounts, private crypto wallets and shell companies. To transfer and launder illicit funds Across borders.
FBI Special Agent Reed Davis said in a statement that Figuera worked to conceal the nature of the funds by hiring underlings and making dozens of transfers, potentially facilitating criminal activity in several countries.
Figuera allegedly followed a multi-step process that included converting the funds into cryptocurrency and routing them. A network of digital wallets. Digital assets were transferred through a chain structured to hide their source.
Reports said he sent Funds to liquidity providers To convert the cryptocurrency into dollars, he transferred the money to his bank accounts and eventually to the final beneficiaries.
The case is currently under review in the Eastern District of Virginia. US Attorney Lindsay Halligan confirmed that the amount of money in circulation represents Significant risks to public safety.
Halligan said in a statement that money laundering at this level allows transnational criminal organizations to operate, expand and cause harm in the real world. Those who move billions of dollars in illicit funds should expect to be identified, disrupted and held fully accountable in accordance with federal law.
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If convicted, Figuera faces up to 20 years in prison.
This case is one of many investigations that have emerged over the past year, and together they highlight the growing use of cryptocurrency to facilitate illegal activities.
Illicit cryptocurrency flows are on the rise despite censorship
Crimes related to cryptocurrency reached an unprecedented level in 2025, and this trend seems to continue in the new year.
A recent report from Chain Analysis explained that Illegal addresses received at least $154 billion Last year, this number represented an increase of 162% by 2024.
Acquire stablecoins Especially on the preference of criminals as a crypto asset. In 2020, Bitcoin represents about 70% of illicit transactions, while stablecoins represent only 15% of the total volume.
This pattern reversed five years later. In 2025, stablecoins will represent 84% of the total volume of illicit transactions. The decline in the use of Bitcoin At only 7%.
This led to the intervention of major stablecoin issuers. On Sunday, Tether, the issuer of USDT, Frozen more than 180 million One day due to the discovery of suspicious activity in the wallets built on TRON.
This incident also highlighted the growing coordination between law enforcement agencies, stablecoin issuers, and blockchain analytics platforms.
