Bankera Founders’ ICO Funds: A Luxury Property Scandal?

A bombshell report from the Organized Crime and Corruption Reporting Project (OCCRP) alleges that Bankera, a cryptocurrency fintech firm, misused funds from its 2018 Initial Coin Offering (ICO).

The OCCRP investigation, published April 28th, claims that Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius, Bankera’s founders, diverted nearly half of the €100 million ($114 million) ICO proceeds. Leaked documents and bank statements reportedly show these funds were channeled through a Vanuatu bank—a bank they themselves acquired—to finance lavish real estate acquisitions across the globe.

This extravagant portfolio reportedly includes a French Riviera villa and high-end Lithuanian properties. The report suggests a complex scheme: the founders allegedly used the Vanuatu bank to issue loans to their own companies, subsequently using these loans to purchase the luxury real estate.

Furthermore, millions more were reportedly loaned directly to the founders for “personal use.” While the founders’ lawyers deny fraudulent activity, they declined to comment on specific transactions.

Broken Promises and Investor Disappointment

Bankera’s ICO promised investors discounted services, weekly BNK token payouts, and the attainment of a European Union banking license—promises that largely remain unfulfilled. The weekly payouts reportedly decreased drastically, and the EU banking license is still pending. The BNK token’s current value stands in stark contrast to the ICO’s massive €100 million haul.

We reached out to Bankera for comment but have yet to receive a response. This situation underscores the critical need for due diligence when investing in cryptocurrency projects and the importance of transparency within the industry.

Keywords: Bankera, ICO, Fraud, Cryptocurrency, Investment