The founders of Bankera, a crypto fintech firm, reportedly used funds from the project's 2018 initial coin offering to buy luxury properties globally. According to the Organized Crime and Corruption Reporting Project, nearly half of the 100 million euro ($114 million) raised in the ICO was sent to a bank in Vanuatu, purchased by the founders. The leaked records revealed that the funds were used to provide loans for high-end real estate purchases, including a villa in the French Riviera and properties in Lithuania. The Vanuatu bank also lent millions directly to the founders for personal use. Despite promises of discounted rates and weekly payouts, investors were disappointed as payouts decreased and the revenue-sharing scheme was stopped in 2022. Bankera's pledge to obtain a European Union banking license remains unfulfilled, with the BNK token's value currently at $975,710. Read more AI-generated news on: https://app.chaingpt.org/news