Italian Authorities Probe Triestina Calcio in Major Financial Crime Investigation Linked to Cryptocurrency c

Italy’s financial police have carried out a search operation targeting the offices of Triestina Calcio, a third-tier football club currently owned by U.S.-based cryptocurrency firm House of Doge. Investigators are examining allegations involving money laundering, falsified accounting records, and the use of fake invoices. The operation included searches at the club’s headquarters in Trieste, a city in northeastern Italy, as well as inspections at the private residences of 15 individuals considered suspects. The investigation is being coordinated by the prosecutor’s office in Trieste and focuses on activities spanning from 2022 through 2025.

Over the timeframe under scrutiny, the football club passed through three separate ownership structures. Initially, Triestina Calcio was controlled by Atlas Consulting. Ownership later shifted to LBK Triestina Holdings, which operates as a subsidiary of U.S.-based LBK Capital. In September 2025, control of the club was transferred to House of Doge, which functions as the commercial division connected to the Dogecoin Foundation. None of the organizations linked to the case have publicly commented on the investigation. Requests for statements sent to Triestina Calcio, Atlas Consulting, LBK Capital, and House of Doge have not received responses.

Investigators are concentrating on two primary financial streams as part of the inquiry, according to individuals familiar with the case. The first line of investigation concerns approximately 10 million euros in public funds allocated to the club. Authorities are working to trace how these government resources were ultimately used and whether they were directed toward their intended purposes.

The second aspect of the probe focuses on around 40 million euros that reached the club through financial transfers originating from banking institutions in the United States and Canada. Investigators are attempting to establish both the source of these cross-border funds and how they were recorded and utilized within the club’s financial accounts.

Despite the significant financial inflows during this period, Triestina Calcio is reportedly burdened with debts totaling 60 million euros, according to two sources with direct knowledge of the matter. This apparent mismatch between incoming funds and the club’s debt levels has intensified scrutiny around how financial resources were handled across the different ownership phases.

The case stands out as a rare instance in which an entity associated with the cryptocurrency sector is being investigated in connection with activities tied to the traditional sports industry, highlighting growing regulatory attention on the intersection between digital finance and established commercial sectors.

By fLEXI tEAM