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- Authorities reportedly urged local BTC miners to halt operations temporarily.
- The timeline for when crypto companies in Venezuela can resume operations remains uncertain.
As the government addresses a multi-billion dollar corruption probe, cryptocurrency miners and exchanges in Venezuela will remain inactive. During the investigation of a significant corruption scandal that may have diverted $20 billion, Venezuelan officials reportedly advised local Bitcoin miners to pause their activities.
It is believed that individuals within President Maduro’s inner circle were involved in the scheme to misappropriate funds from Petróleos de Venezuela, the nation’s state-owned oil and gas company. Forbes indicates that a major corruption case in Venezuela has compelled large-scale Bitcoin (BTC) miners to cease their operations.
Petróleos de Venezuela, a state-owned oil and natural gas entity and the fifth-largest hydrocarbon supplier globally, is reportedly missing between $3 billion and $20 billion.
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Operations Halted Until Further Notice
This situation arose following the liquidation of sales after U.S. sanctions were imposed on the corporation. The Superintendencia Nacional de Criptoactivos (SUNACRIP) plays a crucial role in this matter. It has also been a leading institution regarding energy consumption and Bitcoin mining.
Other cryptocurrency entities, including payment platforms licensed by SUNACRIP, have also been instructed by authorities to suspend their operations during the investigation.
The Chairman of SUNACRIP, Joselit Ramrez, along with the head of SUNACRIP’s digital mining division, Rajiv Mosqueda, issued several of those licenses. Both have been detained on allegations of involvement in a theft operation targeting Venezuela’s energy sector.
The duration of the investigation remains unknown, as does the timeline for when crypto firms in Venezuela might be able to resume operations. Some speculate that President Maduro may reorganize SUNACRIP or establish an entirely new regulatory authority.
