According to a November 3 announcement by the U.S. Department of Justice, Jorge Figueira, a 60-year-old Venezuelan man, was sentenced to 12 years in prison for conspiracy to launder money and agreed to pay $1 billion in monetary penalties. Court documents show that his money laundering network transferred funds for participants in illicit activities, including drug cartels, through bank accounts, cryptocurrency exchange accounts, private crypto wallets, and shell companies. The methods included converting funds into cryptocurrency, transferring them through multiple digital wallets, then exchanging them for US dollars through liquidity providers, and finally depositing them into bank accounts and handing them over to recipients to conceal the source of the funds. Identified crypto wallets and related financial accounts have been linked to the transfer of over $1 billion, with funds flowing to countries including the United States, China, Colombia, Panama, and Mexico. https://www.(wublock123.com)/news/venezuelan-man-jailed-12-years-for-1b-plus-crypto-money-laundering-71292