The founder of Bankera is accused of misappropriating ICO funds to purchase a luxury home.

According to the Gate.io News bot, an investigation by the Organized Crime and Corruption Reporting Project (OCCRP) shows that the three co-founders of the crypto fintech company Bankera, Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius, raised $114 million through an ICO in 2018. The investigation found that nearly half of the funds were used via their self-controlled bank to purchase luxury homes in locations such as the French Riviera and Lithuania, and millions of euros in personal loans were distributed.

Although the lawyer denies the fraud allegations, the distribution of BNK tokens has stopped since 2022, and the bank license previously promised by the project has also not been obtained. According to Cointelegraph, the fully diluted market cap of BNK tokens is currently $976,000.