The founders of Bankera, a Lithuania-based crypto fintech company, are under scrutiny following revelations that they diverted a significant portion of investor funds from their 2018 initial coin offering (ICO) to finance personal luxury property purchases across the globe.
An investigation by the Organized Crime and Corruption Reporting Project (OCCRP), published on April 28, uncovered that nearly half of the €100 million ($114 million) raised during the ICO was funnelled into a bank in Vanuatu—a Pacific Island nation. Notably, this bank had reportedly been acquired by Bankera’s founders: Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius.
According to leaked internal records and banking statements obtained by the OCCRP, the Vanuatu bank issued millions of euros in loans to companies owned by the three men. These loans were allegedly used to amass a portfolio of high-end real estate, including a luxury villa in the French Riviera and upscale properties in Lithuania.
In addition to company-linked loans, the OCCRP reported that the bank provided significant personal loans to the founders. Although legal representatives denied any fraudulent activity related to the ICO, they did not elaborate on the financial transactions involved. Bankera, initially launched with the vision of being a leading digital bank, attracted investors with promises of comprehensive financial services and rewards for BNK token holders. However, early investors reported diminishing returns and the revenue-sharing program was discontinued in 2022.
Bankera also pledged to obtain a European Union banking license—another unfulfilled promise. Despite raising €100 million, data from CoinGecko shows that the current fully diluted market cap of the BNK token is just $975,710.
Meanwhile, Vanuatu has officially completed its crypto regulation and licensing framework, marking a crucial milestone in its digital asset oversight. The Vanuatu Parliament passed the Virtual Asset Service Provider (VASP) Act, granting the Vanuatu Financial Services Commission (VFSC) the authority to license and regulate the crypto industry.
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