Due to ongoing corruption charges regarding an oil firm in Venezuela and a restructuring of the national crypto department, the country’s energy company has shut down cryptocurrency mining projects throughout the nation.

Various forms of corruption were made possible by the power concentrated in Sunacrip. Investigations are presently underway concerning SUNACRIP’s involvement as an organizing node in the misappropriation of money from unreported oil sales. 

Social media is already filled with claims of abnormalities, involving high-ranking government officials owning Bitcoin mining operations, market manipulation, arbitrary arrests, and device acquisitions.

Crypto mining corruption allegations in Venezuela

The National Superintendency of Crypto Assets and Related Activities, the country’s cryptocurrency watchdog, is accused of helping officials run an illicit oil business. 

Venezuela’s National Association of Cryptocurrencies confirmed the stoppage of mining operations in the Bolivar, Lara, and Carabobo states.

The mining corporate Doctorminer from Venezuela guaranteed that they were not involved in the allegations, and they were attempting to resume operations.

The head of SUNACRIP, Joselit Camacho Ramirez, who already has been in that position since 2018, is among those detained. Due to his acts of money laundering and infractions of drug-related restrictions, Ramirez is listed among the most wanted people by US Immigration and Customs Enforcement. A $5 million reward has already been offered by the US, for information that results in his capture.

Crypto mining requires special equipment.
Crypto mining equipment

Restructuring SUNACRIP

President Maduro issued an executive order that sets the terms for SUNACRIP’s restructuring and Ramirez’s dismissal. The measure, which took effect on March 17, will last for six months and be carried out by a restructuring commission. This commission will ascertain the institution’s current situation and recommend modifications to the policies and procedures in order to contribute to the goals and objectives of the nation.

Maduro argued that this executive order was issued to defend the Venezuelan people from the adverse impacts of the multi-dimensional assault that has been taking place against the country.