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Crime and Investigations

Bitcoin: Miners in Venezuela Caught in Alleged $20 Billion Corruption Scanadal

Bitcoin: Miners in Venezuela Caught in Alleged $20 Billion Corruption Scanadal

Bitcoin miners in Venezuela have been compelled to shut down their operations due to a country-wide crackdown on corruption.

There are allegations that up to $20 billion is missing from Petróleos de Venezuela, S.A., the national oil and gas company.

Officials from the Superintendencia Nacional de Criptoactivos (SUNACRIP), which oversaw Venezuela’s cryptocurrency industry, including Bitcoin mining, are under suspicion in the anti-corruption investigation.

Other crypto businesses that were licensed under SUNACRIP’s guidance, such as crypto exchanges and payment platforms, have also stopped their operations due to regulatory issues.

Once considered one of the world’s most robust crypto ecosystems, Venezuela’s crypto industry has now stopped.

Since March 2023, rumors have been circulating about government officials visiting Bitcoin mining facilities on social media and Telegram groups throughout Venezuela. The National Anti-corruption Police is investigating potential connections between the PDVSA-crypto scandal and local Bitcoin miners.

Additionally, they are ensuring that all Venezuelan Bitcoin miners have proper documentation and licensing from SUNACRIP. Although no public details exist on these investigations, some people have speculated about arrests and asset seizures.

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However, civilian bitcoin miners have not been arrested, and compliance checks are considered routine, according to Teodosio Peraza, head of Criptominero C.A., a Bitcoin mining company.

The SUNACRIP investigations have caused over 500 workers to lose their jobs, and petro holders are expressing dissatisfaction on Twitter due to the currency’s decreasing value.

The future of the Venezuelan crypto industry is uncertain, and it remains unclear whether Bitcoin miners and companies can resume their activities or if the Maduro government will establish a new regulatory organization.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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