Venezuela shuts down crypto mining facilities, exchanges amid corruption probe

According to Venezuelas attorney general office, government officials were running parallel oil operations with the assistance of the national crypto department. 5256 Total views 30 Total shares Listen to article 0:00 News Own this piece of history

Collect this article as an NFT Venezuelas energy supplier has shut down crypto mining facilities throughout the country as part of a reorganization of the national crypto department and ongoing corruption investigations involving the countrys oil company.

According to local media reports, crypto mining companies, and tweets from Venezuelas National Association of Cryptocurrencies, mining facilities were shut down in the past days in the states of Lara, Carabobo and Bolvar. It is unclear how many crypto firms were affected. Some crypto exchanges were also ordered to cease operations.

#ULTIMAHORA se confirma que fue solicitado el apagado de las granjas de mineria digital en el Estado Bolvar. Consideramos esta un medida arbitraria, qu va en contra de los intereses de la industria privada.— Asonacrip (Asociacin Nacional de Criptomonedas) (@AsonacripVe) March 25, 2023

The closure of crypto mining facilities is believed to be part of an ongoing investigation of corruption involving Venezuelas oil company PDVSA and the countrys crypto department.

Comunicado relacionado a los recientes cortes de servicio elctrico experimentados en todas las infraestructuras de hashrate del pas

Announcement related to the recent power cuts in all Venezuelan hashrate infrastructures. pic.twitter.com/V4IRlLUL0r— Doctorminer (@doctorminer_) March 24, 2023

Venezuelas attorney general, Tarek William Saab, disclosed on March 25 that government officials were allegedly running parallel oil operations with the assistance of the national crypto department. Saab commentedon Twitter:This network used a conglomerate of commercial companies to legitimize the capital obtained from sales through the acquisition of crypto-assets, personal and real estate.

According to Saab, at least 10 people have been arrested in connection with the investigations, including Joselit Ramirez Camacho, who led the crypto department since its inception in 2018, overseeing crypto tax rules and the countrys cryptocurrency the petro. According to earlier reports, Camacho was arrested on March 17 during the investigation.

Tarek William Saab: El primer caso que queremos exponer se refiere a una nueva trama de corrupcin en Pdvsa, la nmero 31, que incluye esta vez a la Superintendencia Nacional de Criptoactivos (Sunacrip)— Ministerio Pblico venezolano (@MinpublicoVEN) March 25, 2023

Since June 2020, Camacho has been listed in the United States Most Wanted List. At the time, Department of Homeland Security Investigators issued a bounty of up to $5 million for any information that would lead to the capture of the petros supervisor. Authorities alleged that Ramirez had deep political, social and economic ties to suspected narcotic kingpins, including Tareck El Aissami, the former vice president of Venezuela.

Venezuelas president Nicols Maduroannounced the reorganization of the National Superintendency of Crypto Assets in a decree issued on March 17. Maduros administration claimed the decision was intended to protect the countrys citizens from the negative effects of economic sanctions, among other reasons.

Magazine:Best and worst countries for crypto taxes plus crypto tax tips #Mining #Business #Venezuela #Latin America #Cryptocurrency Exchange #Petro

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