Allegations are swirling around the founders of Lithuania-based crypto fintech company Bankera, with evidence suggesting they misused a significant portion of funds from their 2018 initial coin offering (ICO) to acquire luxury real estate globally. An investigation by the Organized Crime and Corruption Reporting Project (OCCRP) has revealed that almost half of the €100 million ($114 million) raised during the ICO was channeled into a bank in Vanuatu, where Bankera founders Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius held controlling interest. Leaked internal records and banking statements obtained by OCCRP indicate that this bank provided millions of euros in loans to companies owned by the three men, which were allegedly used to purchase high-end properties including a luxury villa on the French Riviera and upscale residences within Lithuania. The OCCRP also reported the bank extending substantial personal loans to the founders, although their legal representatives have denied any involvement in fraudulent activity. Despite initial promises of comprehensive financial services and rewards for BNK token holders, early investors found returns diminishing, and the revenue-sharing program was discontinued in 2022. Bankera’s ambition to obtain a European Union banking license remains unfulfilled, while its current fully diluted market cap stands at a mere $975,710 based on data from CoinGecko. Vanuatu has recently completed its own crypto regulatory framework, officially establishing its digital asset oversight with the Virtual Asset Service Provider (VASP) Act enacted by Parliament, granting the VFSC authority to license and regulate the crypto industry.