{"id":844369,"date":"2025-04-29T09:11:48","date_gmt":"2025-04-29T14:11:48","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/29\/bankera-founders-used-ico-funds-on-global-property-buys-report\/"},"modified":"2025-04-29T09:11:48","modified_gmt":"2025-04-29T14:11:48","slug":"bankera-founders-used-ico-funds-on-global-property-buys-report","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/29\/bankera-founders-used-ico-funds-on-global-property-buys-report\/","title":{"rendered":"Bankera founders used ICO funds on global property buys: Report"},"content":{"rendered":"
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The OCCRP reports Bankera\u2019s founders channeled around half of the $114 million the firm raised in its 2018 ICO to a Vanuatu bank to buy real estate in France and Lithuania. <\/p>\n

\"Bankera<\/picture><\/div>\n
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The founders of the crypto fintech firm Bankera used funds from the project\u2019s 2018 initial coin offering to purchase luxury properties worldwide, according to a report by the Organized Crime and Corruption Reporting Project.<\/p>\n

The OCCRP reported<\/a> on April 28, citing leaked company records and bank statements, that nearly half of the funds from Bankera\u2019s 100 million euro ($114 million) ICO were transferred to a bank in the Pacific Island country of Vanuatu that was purchased by the project\u2019s founders, Vytautas Karalevi\u010dius, Justas Dobiliauskas and Mantas Mockevi\u010dius.<\/p>\n

Soon after, the Vanuatu bank reportedly began issuing millions of euros in loans to companies owned by the trio to build a luxury real estate portfolio \u2014 including a villa in the French Riviera and high-end property in Lithuania, where the project was founded.<\/p>\n

Bankera\u2019s three founders. Source: <\/em>Bankera<\/em><\/a><\/figcaption><\/figure>\n

The leaked records and statements reportedly show that the funds were used to underwrite loans to other companies, which were then used to purchase high-end real estate.\u00a0<\/p>\n

The Vanuatu bank also loaned millions more directly to the three founders for \u201cpersonal use,\u201d according to the OCCRP report.<\/p>\n

Lawyers representing the founders reportedly denied that the ICO was fraudulent<\/a> but declined to comment on specific transactions.\u00a0<\/p>\n

Cointelegraph contacted Bankera for comment but did not receive an immediate response.<\/p>\n

Bankera over-promised, under-delivered<\/h2>\n

Bankera pledged to become the \u201cbank for the blockchain era,\u201d offering a suite of retail and institutional investment services while holding and exchanging most of the largest cryptocurrencies.<\/a><\/p>\n

Many investors were attracted to the Bankera (BNK) token ICO by the promise of discounted rates on Bankera\u2019s services and products, along with the opportunity to earn weekly BNK payouts.<\/p>\n

However, an investor in Bankera\u2019s ICO told the OCCRP that those weekly payouts began to \u201cdrop significantly below the promised amount.\u201d<\/p>\n

The revenue-sharing scheme<\/a> was reportedly halted in 2022.<\/p>\n

Related: <\/strong><\/em>Tether scales crypto payments in Eastern Europe with new investment<\/strong><\/em><\/a><\/p>\n

Bankera also reportedly promised to obtain a European Union banking license,<\/a> which is yet to materialize.<\/p>\n

Despite the 100 million euro ICO raise, the fully diluted value of the BNK token is currently at $975,710, CoinGecko data shows<\/a>.<\/p>\n

Bankera continues to provide crypto-related banking services and maintains an active social media presence<\/a> on LinkedIn and, to a lesser extent, X.<\/p>\n

Magazine: <\/strong><\/em>Financial nihilism in crypto is over \u2014 It\u2019s time to dream big again<\/strong><\/em><\/a><\/p>\n