Investigations have revealed serious allegations against the founders of Lithuanian cryptocurrency fintech company Bankera, who are accused of mismanaging funds raised during their 2018 initial coin offering (ICO). The Organized Crime and Corruption Reporting Project (OCCRP) released a report detailing the alleged misuse of €100 million ($114 million) from investors. The funds, supposedly intended to support blockchain banking ventures, appear to have been diverted for personal luxury purchases by the founders—Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius. [Link to OCCRP Report] This illicit activity involved securing control of a small financial institution in Vanuatu called Pacific Private Bank, allowing them unchecked access to ICO funds. These funds were allegedly used for loans granted to companies they owned or controlled, with the proceeds diverted toward luxury real estate purchases and high-end investments. Leaked documents and bank statements obtained by OCCRP show how the founders channeled the €100 million raised through their ICO into a series of dubious transactions, including a luxurious villa purchase on the French Riviera and investment in various luxury properties worldwide.