The usage of cryptocurrencies has surged in recent years, but with it comes the unfortunate increase in criminal activities. Recently, the U.S. Department of Justice (DOJ) made headlines after charging a Venezuelan national for allegedly laundering illicit funds worth over $1 billion through various cryptocurrency exchanges and other financial channels.
The Investigation at a Glance
The individual at the center of this case, 59-year-old Jorge Figueira of Venezuela, is accused of orchestrating a complex network involving multiple bank accounts, private crypto wallets, shell companies, and digital wallets to transfer money across borders. According to court filings, these funds flowed through “high-risk” jurisdictions such as Colombia, China, Panama, and Mexico before being converted into cryptocurrency. Ultimately, the digital assets were routed through a structured sequence to obscure their origin, making tracking nearly impossible.
FBI Special Agent Reid Davis remarked on the meticulous planning Figueira allegedly undertook to conceal the funds’ source. Using an intricate system, Figueira reportedly funneled money to liquidity providers, converting cryptocurrency into dollars and ultimately depositing the funds into his own accounts. From there, they were dispersed to final recipients.
Impacts on Public Safety
U.S. Attorney Lindsey Halligan highlighted that this scheme represents a significant threat to public safety, as laundering funds at this scale can aid transnational criminal organizations. Halligan stated, “Money laundering of this magnitude enables criminal organizations to thrive, expand their networks, and perpetuate global harm. Those responsible will face the full extent of federal law.”
If convicted, Figueira could face up to 20 years in prison. This case underscores the increasing role cryptocurrencies play in criminal enterprises and the growing efforts from law enforcement to address misuse.
The Growing Trend of Crypto Crimes
A report by blockchain analytics firm Chainalysis revealed that crypto-related criminal activities hit record highs in 2025, with illicit addresses receiving at least $154 billion throughout the year—a 162% increase from the previous year. Notably, stablecoins have become the favored vehicle for criminal transactions, surpassing Bitcoin, which dominated in earlier years. In 2025, stablecoins represented 84% of all illicit transaction volumes compared to Bitcoin’s mere 7%.
Stablecoin issuers like Tether have stepped up efforts to combat misuse. Just recently, Tether froze over $180 million linked to suspicious activity across Tron-based wallets. Such actions demonstrate increased collaboration between stablecoin issuers, blockchain analytics platforms, and law enforcement agencies to curb crypto crimes proactively.
Protect Yourself in the Evolving Crypto World
As cryptocurrency crimes grow more sophisticated, the need for secure trading platforms and privacy solutions becomes increasingly important. Considering hardware wallets like Ledger Nano X can add an extra layer of security to your crypto assets. Its offline storage capability helps protect funds from potential cyber threats, ensuring peace of mind in a volatile market.
The ongoing case against Figueira is a reminder of the dual-natured world of cryptocurrencies: while they bring innovation and convenience, they also present new challenges in ensuring safety and legality.
