The U.S. Department of Justice has announced charges against Jorge Figueira, a 59-year-old Venezuelan, for allegedly laundering approximately $1 billion in illegal funds. Figueira reportedly utilized various bank accounts, crypto wallets, and shell companies to facilitate his money laundering activities, primarily involving the stablecoin USDT on the Tron blockchain.
According to court documents, Figueira is said to have boasted about processing up to $700 million in illicit funds each month. An FBI representative noted that around a billion dollars' worth of cryptocurrency passed through wallets linked to Figueira, impacting individuals and businesses globally. A recent analysis from Chainalysis highlights that stablecoins now make up 84% of illicit crypto transactions, a significant rise from just 12% in 2020, with last year marking a record $154 billion in illegal crypto transfers.
Figueira's case is emblematic of broader trends in Venezuela, where both the government and citizens have increasingly turned to cryptocurrency to circumvent economic sanctions. He faces a potential sentence of up to 20 years in prison if convicted.