Venezuela's energy provider has shut down crypto mining facilities across the country as part of a shakeup of the national crypto department and ongoing corruption investigations involving the country's oil company.
According to local media reports, crypto mining companies and tweets of the National Cryptocurrency Association of Venezuela, mining facilities were closed in recent days in the states of Lara, Carabobo and Bolรญvar. It is unclear how many crypto companies were affected. Some crypto exchanges were also tidy to cease operations.
#LAST MINUTE It is confirmed that the shutdown of the digital mining farms in the Bolรญvar State was requested. We consider this an arbitrary measure, which goes against the interests of private industry.
โ Asonacrip (National Association of Cryptocurrencies) (@AsonacripVe) March 25, 2023
The shutdown of the crypto mining facilities is believed to be part of an ongoing corruption investigation involving Venezuelan oil company PDVSA and the country's crypto department.
Statement related to the recent power outages experienced in all hashrate infrastructures in the country
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Announcement related to the recent power cuts in all the hashrate infrastructures of Venezuela. pic.twitter.com/V4IRlLUL0r
โDoctorminerยฎ (@doctorminer_) March 24, 2023
Venezuela's attorney general, Tarek William Saab, revealed on March 25 that government officials were allegedly conducting parallel oil operations with the assistance of the national cryptocurrency department. Saab noted On twitter:
โThis network used a conglomerate of commercial companies to legitimize the capital obtained from sales through the acquisition of crypto assets, furniture and real estate.โ
According to Saab, at least 10 people have been arrested in connection with the investigations, including Joselit Ramรญrez Camacho, who has led the crypto department since its inception in 2018 overseeing the country's Petro cryptocurrency and crypto tax regulations. According According to previous reports, Camacho was arrested on March 17 during the course of the investigation.
Tarek William Saab: The first case that we want to expose refers to a new corruption plot in PDVSA, number 31, which this time includes the National Superintendence of Cryptoactives (Sunacrip)
โ Venezuelan Public Ministry (@MinpublicoVEN) March 25, 2023
Since June 2020, Camacho has been listed on America's Most Wanted list. At the time, Homeland Security Investigations issued a reward of up to $5 million for any information leading to the capture of Petro's supervisor. Authorities alleged that Ramรญrez had โdeep political, social, and economic tiesโ to suspected drug lords, including Tareck El Aissami, a former vice president of Venezuela.
Venezuela's president Nicolรกs Maduro Announced the reorganization of the National Superintendence of Cryptoactives in a decree issued on March 17. The Maduro administration claimed that the decision was intended to protect the country's citizens from the negative effects of economic sanctions, among other reasons.
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