Authorities accuse Figueira of orchestrating a sophisticated network that converted cash into cryptocurrency, routed it through multiple digital wallets, and converted it back to dollars for distribution. The operation allegedly involved recruiting subordinates to execute hundreds of transactions, obscuring fund origins and destinations while servicing clients worldwide. Prosecutors estimate over $1 billion passed through linked wallets and accounts, primarily sourced from crypto trading platforms.
Figueira reportedly sent proceeds to high-risk jurisdictions including Colombia, China, Panama, and Mexico, potentially fueling transnational crimes. The complaint highlights use of bank accounts, private wallets, shell firms, and liquidity providers to layer transactions and evade detection. If convicted of money laundering conspiracy, sentencing guidelines could impose the full 20-year maximum, determined by a federal judge.
Official Statements
FBI Special Agent in Charge Reid Davis stated that Figueira’s network “sought to conceal the nature of the funds, potentially facilitating criminal activity in numerous countries” through scores of transfers. U.S. Attorney Lindsey Halligan emphasized, “Money laundering at this level allows transnational criminal organizations to function, grow, and cause real harm in the world,” warning that billion-dollar operators face disruption and accountability.
These remarks reflect coordinated federal action, with the FBI’s Washington Field Office tracking the $1 billion in crypto flows. No statements from Figueira or his representatives appear in court filings or public records as of January 18, 2026.
Scheme Mechanics
The alleged process began with illicit cash entering U.S. channels, converted to crypto on exchanges, then tumbled through layered wallets to break traceability. Funds moved to liquidity providers for dollar conversion, deposited into Figueira-controlled banks, and wired to recipients, including overseas entities. Shell companies facilitated cross-border transfers, blending legitimate and illicit streams across continents.
Investigators identified patterns in over $1 billion of transactions, linking them to Figueira via on-chain analysis and financial records. This multi-jurisdictional setup exploited crypto’s pseudonymity and speed, a common tactic in modern laundering.
Broader Crypto Laundering Context
Cryptocurrency money laundering hit record highs in 2025, with illicit addresses receiving $154 billion—a 162% rise from 2024—per Chainalysis data. Stablecoins dominated at 84% of illicit volume, reversing Bitcoin’s prior lead due to their fiat peg and liquidity. Cases like this align with U.S. crackdowns, including Tether freezing $180 million in suspicious USDT on Tron in recent days.
Global regulators increasingly coordinate with exchanges and analytics firms to freeze assets and prosecute networks. Venezuela’s economic crisis has fueled crypto adoption there, but also illicit finance risks, tying into cases like this.
Legal Proceedings and Implications
The case proceeds in Alexandria, Virginia federal court, with Figueira presumed innocent until proven guilty. Prosecutors seek forfeiture of traced assets, standard in laundering convictions. This indictment signals intensified DOJ focus on crypto crimes under President Trump’s administration, prioritizing financial security.