National cryptocurrency exchanges have reportedly halted their activities in Venezuela, as the anti-corruption investigation into national cryptocurrency regulator Sunacrip and illegal oil sales continue in the country. Tarek William Saab, attorney general, confirmed the institution’s participation in a parallel scheme that involved the sale of Venezuelan oil to third parties, mentioning Sunacrip as part of the criminal structure.
National Stock Exchanges pause operations in Venezuela
The “Crypto-PDVSA” anti-corruption probe, named after the state oil company, continues to investigate the involvement of Sunacrip, Venezuela’s cryptocurrency regulator, in the illegal sale of oil to third parties.
According to recent reports, the investigation has resulted in all trading activity of national cryptocurrency exchanges being halted, with no date to resume operations having been announced.
Ana Ojeda, Venezuelan cryptocurrency lawyer, also known as “Criptolawyer” on Twitter, fixed:
Venezuelan stock markets close operations by orders of Sunacrip. Supposedly temporary measures while the institution is being restructured.
Ojeda also confirmed that registered miners across the country were forced to pause their operations while the investigation continues, stating that “digital miners across the country, registered with the agency, have also been shut down.”
Cryptobuyer, one of the main exchange houses in the country, issued a press release stating that it would be pausing its activities in accordance with the orders issued by Sunacrip, but hours later it issued another statement that denied it, stating that reported a temporary stoppage of its own operations.
Attorney General confirms Sunacrip’s participation in oil sale scheme
Tarek William Saab, Venezuela’s Attorney General, officially confirmed Sunacrip’s participation in parallel operations that successfully allowed the sale of oil to third parties. in a Press conference offered on March 25, Saab explained, in part, how this corruption scheme operated. He stated that PDVSA officials used their influence to execute parallel oil sales to those executed by the state oil company.
After these operations, Sunacrip did not deliver the proceeds from the sale of this oil to PDVSA. Saab said the money was used to buy cryptocurrency assets and injected into other activities to launder it. However, Saab did not say whether cryptocurrencies were used as a payment method for illegally sold crude.
There are currently 11 people apprehended in connection with these crimes, including the former head of Sunacrip, Joselit Ramírez.
What do you think about the pause in the trading activities of cryptocurrency exchanges in Venezuela and the Crypto-PDVSA investigation? Tell us in the comment section below.
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