In a twist that feels straight out of a crypto crime thriller, the founders of Bankera—a Lithuanian fintech startup that promised to be the “bank for the blockchain era”—are under fire after a bombshell investigation claimed they funneled millions from their 2018 ICO into luxury properties across Europe.
According to the Organized Crime and Corruption Reporting Project (OCCRP), nearly half of the $114 million raised through Bankera’s initial coin offering was rerouted to a Vanuatu-based bank secretly owned by founders Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius. Once the money landed, the bank allegedly began issuing massive loans to the founders’ own companies, which were then used to snap up high-end real estate—including a lavish villa on the French Riviera and upscale digs in Lithuania.
And it doesn’t stop there. Leaked documents also suggest that millions more were handed out in loans directly to the founders for "personal use."
While the founders’ lawyers deny any fraudulent activity, they’ve stayed tight-lipped about the specific financial maneuvers uncovered in the investigation.
Overpromised, Underdelivered?
Bankera initially captivated the crypto world with promises of discounted services, revenue-sharing perks, and a full-fledged European Union banking license. Early investors were lured by weekly BNK token payouts and the vision of a crypto-powered financial ecosystem.
But reality fell short. Payouts dwindled, the revenue-sharing model shut down in 2022, and the promised EU banking license is still nowhere in sight.
Despite raising over 100 million euros, BNK’s current fully diluted market cap has plummeted to under $1 million, according to CoinGecko.
Meanwhile, Bankera still operates in the crypto-banking space and maintains an active presence on LinkedIn and X (formerly Twitter).