Bankera Founders Allegedly Splurge ICO Cash on Global Luxury Real Estate

Another day, another crypto scandal—Bankera’s brass stand accused of funneling investor funds into high-end properties from Dubai to Monaco.

Follow the money trail: The same founders who pitched a ’blockchain revolution’ for banking now face claims they treated their ICO like a personal slush fund. Regulatory filings show sudden property acquisitions matching the timeline of their $150M token sale.

Finance never changes: While retail investors waited for utility, executives allegedly upgraded to waterfront villas—proving yet again that in crypto, the real ’decentralization’ happens when founders distance themselves from your money.

Bankera Founders Used ICO Funds to Build Real Estate Portfolio

The report alleges that the Vanuatu bank then issued millions of euros in loans to companies owned by the trio, enabling them to build a portfolio of luxury real estate, including a villa on the French Riviera and upscale properties in Lithuania, where Bankera was originally founded.

The leaked documents reportedly show that funds were funneled through loans to related companies and directly to the founders for “personal use.”

Lawyers for the founders denied that the ICO was fraudulent but declined to address specific transactions.

Bankera had promoted itself as the “bank for the blockchain era,” offering services such as crypto holding, trading, and investment products.

Its ICO attracted investors with promises of discounted rates and weekly payouts in BNK tokens.

However, one investor told the OCCRP that the payouts quickly “dropped significantly below the promised amount” before the revenue-sharing program was halted entirely in 2022.

The company also pledged to secure a European Union banking license, a promise that has yet to materialize.

Despite raising €100 million during its ICO, the fully diluted market value of Bankera’s BNK token now stands at just $975,710, according to CoinGecko data.

Bankera remains active, offering crypto-related financial services and maintaining a visible presence on LinkedIn and, to a lesser extent, X (formerly Twitter).

This week our team is attending @icegamingglobal conference in Barcelona, Spain. If you are around come and meet us at our stand 5F47 to learn more about our offerings for #iGaming businesses!#ICE25 pic.twitter.com/4Bu4vLSprz

The latest allegations, however, raise new concerns about accountability and transparency within the crypto fundraising ecosystem.

SEC Drops Dragonchain Crypto Lawsuit Over ICO

Last week, the SEC filed a joint motion with blockchain company Dragonchain to dismiss its ongoing lawsuit against the firm.

The SEC originally launched legal action against Dragonchain in August 2022, accusing the firm and its affiliates of conducting an unregistered securities offering through their 2017 initial coin offering (ICO).

Under former Chair Gary Gensler, the SEC pursued aggressive enforcement actions against numerous crypto projects, asserting that many digital assets qualified as unregistered investment securities.

However, with President Donald Trump’s reelection and Gensler’s departure, the SEC has softened its stance on cryptocurrency regulation.

The newly formed Crypto Task Force has focused on clarifying which digital assets fall outside the agency’s jurisdiction, recently stating that most meme coins are not considered securities.