"- After an initial surge of interest in its “initial coin offering,” or ICO, the Bankera digital currency collapsed, leaving many investors facing losses.
- Meanwhile, a Lithuanian company that played a key role in the ICO transferred over 45 million euros to a bank account in the Pacific island nation of Vanuatu.
- The Vanuatu bank that received the funds had been purchased by three of Bankera’s Lithuanian co-founders shortly before the ICO ended.
- Soon after, the bank began issuing millions of euros in loans to companies owned by the same trio — money that was then used to build a luxury real-estate portfolio, including a villa on the French Riviera and high-end property in Lithuania.
- The Vanuatu bank also loaned millions more directly to the three founders, in many cases with the loans marked as being for “personal use.” These loans, like those for the properties, were guaranteed by companies the trio also owned and which were central to the ICO.
- Lawyers for one of the co-founders’ companies denied that the ICO was in any way fraudulent but declined to comment on specific transactions."
