Venezuela Halts Crypto Mining and Exchange Operations Over Corruption Scandal

Crypto News today: The Latin American nation, Venezuela, has ceased all crypto mining and exchange operations in the country amid corruption allegations. According to local sources and Venezuelan mining companies, power has been cut for mining and stock exchange companies that have stopped 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 Superintendence of Crypto Assets and Related Activities (SUNACRIP).

The Venezuelan Cryptocurrency Association confirmed the suspension of mining operations in the Bolivar region and condemned the state action as an act against private companies. Venezuelan mining company Doctorminer released a press note in which it assured its users of its non-involvement in corruption and its best efforts to present itself again. Venezuelan crypto exchange, Cryptobuyer Venezuela, tweeted that the exchange is not functional.

Venezuela’s Attorney General has confirmed the arrest of ten people allegedly involved in illegal oil operations with the help of state crypto regulator, SUNACRIP. Among those arrested is SUNACRIP leader Joselit Camacho Ramirez, who has led the organization since 2018. Ramirez was removed from SUNACRIP by President Nicolas Maduro on March 17, 2023 and ordered the watchdog to be restructured.

Ramirez is on the U.S. Immigration and Customs Enforcement’s most wanted list for violating narcotics sanctions and engaging in money laundering. The United States paid a five million dollar bounty in exchange for information about his arrest and/or conviction.

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

Bitcoin: $27,624.54

-2.17%

Ethereum: $1,758.26
-3.08%

Tether: $1.00
+0.01%

USD coin: $0.9999
+0.04%

BNB: $323.27
-1.28%

XRP: $0.4238
-1.41%

Dogecoin: $0.07558
-3.07%

Gimbal: $0.3602
-0.19%

Polygon: $1.11
-2.67%

Polka Dot: $6.07
-3.82%

Tron: $0.0641
-1.24%

Litecoin: $92.40
-0.86%

Shibu Inu: $0.00001063
-3.28%

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