The founders of the Lithuanian cryptocurrency fintech company Bankera, Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius, are facing serious accusations following an investigation into the misappropriation of funds raised during the ICO.
Accusations Against Bankera Founders
According to a report by the Organized Crime and Corruption Reporting Project (OCCRP), nearly half of the €100 million ($114 million) raised was funneled into the secret acquisition of Pacific Private Bank, a small financial institution based in Vanuatu.
Founders' Extravagant Purchases
The investigation revealed that the founders used ICO funds for luxury real estate and high-end investments. Notably, the purchase of a €2.5 million villa on the French Riviera was among their significant expenditures. Additionally, the founders allegedly acquired several luxury apartments and commercial properties in Lithuania through shell companies.
Investor Discontent
Bankera investors express frustration over broken promises regarding revenue-sharing programs and the European Union banking license. Consequently, the value of BNK tokens has significantly declined, raising concerns among investors.
Management issues and investor dissatisfaction raise questions about the future of Bankera, a company that aimed to carve its niche in the rapidly evolving crypto-finance landscape.
