Lithuanian authorities have launched a criminal investigation into Bankera, a cryptocurrency startup with direct ties to Vanuatu, following revelations that tens of millions of euros raised in a 2018 token sale were funneled through a Vanuatu-registered financial institution.

The investigation was prompted by a joint report from the Organized Crime and Corruption Reporting Project (OCCRP) and Lithuania’s 15min, which exposed that Bankera’s founders secretly used Pacific Private Bank, a licensed bank in Vanuatu, to move more than €45 million from their ICO into personal and related-entity accounts.

According to leaked records, these funds were then spent on high-end properties — including a €1.1 million villa in France, multiple real estate purchases in Lithuania, and multi-million-euro “personal use” loans issued to the founders themselves.

Bankera’s Acquisition of Vanuatu’s Pacific Private Bank

Bankera, once considered one of the most promising crypto-fintech startups of 2017, acquired Pacific Private Bank — an institution established in 1997 and known for providing wealth management services globally from Vanuatu’s low-tax jurisdiction. At the time of the acquisition, Bankera highlighted that this move would strengthen its technological infrastructure, allow access to new capital, and enhance licensing opportunities.

The deal came during the height of Bankera’s initial coin offering (ICO), which raised €80 million and later surpassed €100 million. While Bankera promoted the purchase as a strategic step toward becoming a “key player in the banking revolution,” some analysts and observers raised early concerns about the transparency and motivations behind buying an existing bank in an offshore financial centre.

“Upon acquiring the bank, our team has secured a functional product with a solid customer base,” Bankera stated at the time. “We believe that Bankera is in a very good position to become a key player in the banking revolution.”

Offshore Finance Under Scrutiny

The use of Pacific Private Bank in Vanuatu is now central to the Lithuanian probe. Lithuanian authorities suspect that the bank was used not just as a financial vehicle but as a key enabler for laundering and misappropriating funds raised from international investors.

While Bankera had positioned itself as a low-cost, borderless financial service platform — offering loans, savings accounts, ETFs, and crypto funds — the company’s BNK token, sold during its ICO, has since lost almost all its value. Investors, who were promised weekly revenue-sharing payments, reportedly stopped receiving returns in 2022.

Vanuatu, known for its favorable tax laws and flexible regulatory environment, has increasingly come under international scrutiny as global watchdogs push for more transparency in offshore banking. Pacific Private Bank’s involvement in the alleged mismanagement of tens of millions of euros may put further pressure on Vanuatu to tighten oversight of its financial sector, particularly as more crypto-finance firms seek offshore bases.

What’s Next?

Bankera’s legal representatives have acknowledged the token’s severe loss in value but deny any fraudulent intent, insisting that the brand remains strong and its services ongoing. However, Lithuanian authorities, through their Financial Crime Investigation Service (FNTT), confirmed a pre-trial criminal investigation is underway and further details will be released when it no longer jeopardizes the case.

This case not only casts a shadow on one of the world’s largest ICOs but also underscores how Vanuatu’s financial system has become entangled in global crypto finance scandals, raising concerns about the future integrity of the country’s offshore banking landscape.

Source:
1/ https://www.occrp.org/en/news/lithuania-investigates-crypto-startup-bankera-over-eur100m-token-sale
2/ https://www.cryptocurrency10.com/en/bankera-acquires-pacific-private-bank-in-vanuatu
3/ https://www.occrp.org/en/investigation/co-founders-of-a-lithuanian-crypto-coin-scooped-up-luxury-property-while-investors-were-left-in-the-lurch
4/ https://fntt.lrv.lt/lt/naujienos/pradetas-ikiteisminis-tyrimas-del-bankera-pirminio-zetonu-siulymo-aplinkybiu/