Sunacrip – Ƀitsell X

Venezuelan Authorities Announce Bitcoin Mining Ban, Confiscate Over 11,000 Miners to Face the Nation’s Energy Crisis

May 20, 2024

The Venezuelan National Power Ministry announced a special operation to disconnect all bitcoin mining farms from the grid. Authorities have seized over 11,000 bitcoin miners as the government seeks to reduce the power usage from high-power customers siphoning energy from the national electric system. Venezuelan Authorities Seize and Disconnect Over 11,000 Bitcoin Miners Amidst Energy…
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Venezuelan Petro Reportedly on the Brink of Liquidation

January 13, 2024

According to local sources, one of the first state-backed cryptocurrency assets, the Venezuelan Petro, would be facing an imminent liquidation. Asonacrip, a national cryptocurrency association, reported having information about the upcoming liquidation process, including the automatic exchange of the Petro balance to bolivares, the Venezuelan fiat currency. Venezuelan Petro to Be Liquidated The life of…
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Latam Insights: USDT Takes Over Brazil, Bukele’s Administration Accused of Embezzlement

November 6, 2023

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: USDT dominates the Brazilian crypto market, Bukele’s administration is accused of deviating funds for Bitcoin projects, and Venezuelan exchanges create a new association. USDT Dominates the Brazilian Market The Brazilian Tax…
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Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period; Community Asks for Clarity

September 29, 2023

The Venezuelan government has officially announced the extension of the restructuring period for Sunacrip — the national cryptocurrency watchdog — by six months more due to the link of its former head with a corruption scheme. Asonacrip, a national crypto association, is asking Sunacrip to open communication channels with the community affected by its actions.…
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Venezuelan Crypto Ecosystem Still in Shambles 4 Months After Sunacrip Intervention

July 18, 2023

The Venezuelan cryptocurrency ecosystem remains on shaky ground four months after the intervention of national crypto watchdog Sunacrip, and the arrest of its head, Joselit Ramirez, due to alleged participation in a $20 billion corruption scandal involving the undeclared sale of crude oil for crypto. There have been no official updates from Sunacrip’s restructuring board,…
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Reports Indicate Venezuela Is Preparing to Liquidate the Petro

June 16, 2023

According to reports, the government of Venezuela could be winding down the operations of the petro cryptocurrency. The decision comes after Sunacrip, the Venezuelan cryptocurrency watchdog, was set back by the alleged participation of its former head Joselit Ramirez in a potential $20 billion corruption scheme involving the settlement of Venezuelan oil sales. Reports Indicate…
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Venezuelan Petro Blockchain Faces Operational Difficulties, Hundreds of Wallets Allegedly Blocked

May 29, 2023

The blockchain of the petro, the Venezuelan official cryptocurrency asset, has been facing difficulties, halting on May 24, with block production restarting on May 27 only to stop again on May 28. Asonacrip, a local cryptocurrency association, also reported that hundreds of petro wallets were eliminated or blocked. Venezuelan Petro Blockchain Halted The blockchain of…
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Latam Insights – Inflation Skyrockets in Argentina, El Salvador Processes Digital Assets Licenses, Venezuelan Crypto Corruption Probe Continues

April 17, 2023

Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue: Inflation in Argentina goes over 100%, El Salvador issues its first digital assets licenses, and the crypto-linked corruption probe in Venezuela is still ongoing. Argentina Registers 104.3% Inflation In March,…
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National Exchanges Reportedly Pause Operations in Venezuela, as Attorney General Confirms Crypto Watchdog Sunacrip Involvement in Oil Sale Schemes

March 28, 2023

National cryptocurrency exchanges have paused their activities in Venezuela according to reports, as the anti-corruption probe on national crypto watchdog Sunacrip and unlawful oil sales continues in the country. Tarek William Saab, attorney general, confirmed the involvement of the institution in a parallel scheme that involved the sale of Venezuelan oil to third parties, mentioning…
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Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring

March 21, 2023

Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales. Sunacrip Boss Joselit Ramirez Arrested…
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