Venezuela ceases crypto mining and exchange operations over a corruption scandal

Crypto News Today: Latin American nation, Venezuela, ceased all crypto mining and exchange operations in the country amidst corruption allegations. According to local sources and Venezuelan mining companies, energy was cut off for the mining and exchange companies which halted their operations. Last week, allegations emerged against government officials for operating an illegal oil business with the help of the national crypto watchdog, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP).

Venezuela’s Association of Cryptocurrencies confirmed the suspension of mining farms in the Bolivar region and condemned the state action as an act against private companies. The Venezuelan mining company, Doctorminer, released a press note where they assured their users of their non-involvement in the corruption and their best effort to be running again. Venezuelan crypto exchange, Cryptobuyer Venezuela, tweeted that the exchange is not functional.

Venezuelan Attorney General confirmed the arrest of ten people who have been allegedly involved in illegal oil operations with assistance from the state crypto regulator, SUNACRIP. Among the arrested is the head of SUNACRIP, Joselit Camacho Ramirez, who has been running the organization since 2018. Ramirez was removed from SUNACRIP by President Nicolas Maduro on March 17, 2023, and ordered the restructuring of the watchdog.

Ramirez is on the Most Wanted list of U.S. Immigration and Customs Enforcement for violating Narcotics related sanctions and indulging in money laundering. The United States has put a five million dollar bounty in exchange for information for his arrest and/or conviction.

Major cryptocurrencies are trading as follows as of 9 am IST, 27th March 2023:

Bitcoin: $27,624.54 USD

-2.17%

Ethereum: $1,758.26 USD
-3.08%

Tether: $1.00 USD
+0.01%

USD Coin: $0.9999 USD
+0.04%

BNB: $323.27 USD
-1.28%

XRP: $0.4238 USD
-1.41%