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 Sunacrip as part of the criminal structure.

National Exchanges Pause Operations in Venezuela

The “Crypto-PDVSA” anti-corruption probe, named after the state-owned oil company, is still investigating the involvement of Sunacrip, the Venezuelan crypto watchdog, in the illegal sale of oil to third parties.

According to recent reports, the probe has resulted in the pause of all trading activity of national cryptocurrency exchanges, with no date for resuming operations announced.

Ana Ojeda, a Venezuelan cryptocurrency lawyer, also known as “Criptolawyer” on Twitter, stated:

Venezuelan exchanges close operations by orders of Sunacrip. Supposedly temporary measures while the institution is restructured.

Ojeda also confirmed that registered miners from all over the country were forced to pause their operations while the probe continues, stating that “digital miners from all over the country, registered with the agency, have also been turned off.”

Cryptobuyer, one of the main exchanges in the country, issued a press release in which it stated that it would be pausing its activities according to orders issued by Sunacrip, but hours later, it issued yet another release that denied this, stating that it was reporting about a temporal stop in its own operations.

Attorney General Confirms Sunacrip’s Involvement in Oil Sale Scheme

Tarek William Saab, attorney general of Venezuela, officially confirmed the involvement of Sunacrip 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 declared that PDVSA officials used their influence to execute oil sales that were parallel to the ones executed by the state-owned oil company.

After these operations, Sunacrip did not deliver the proceeds of the sale of this oil to PDVSA. Saab said the money was used to buy cryptocurrency assets and injected into other activities in order to launder it. However, Saab did not say whether cryptocurrencies were used as a payment method for the illegally sold crude.

There are currently 11 people apprehended in relation to these crimes, including former Sunacrip head Joselit Ramirez.

What do you think about the pause of trading activities of cryptocurrency exchanges in Venezuela and the Crypto-PDVSA probe? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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According to a court document filed recently in the Voyager Digital bankruptcy case, the U.S. Federal Trade Commission (FTC) is investigating the marketing of the crypto firm. Like the U.S. Securities and Exchange Commission (SEC), the FTC has objected to Binance US purchasing Voyager’s assets.

FTC’s Objection to Voyager’s Proposed Sale Plan Could Impact Bankruptcy

In a filing in bankruptcy court registered on Feb. 22, 2023, the U.S. Federal Trade Commission (FTC) detailed that it is investigating the marketing schemes of the crypto firm Voyager Digital. “The FTC has commenced an investigation into certain acts and practices of [Voyager] and [the] debtors’ employees, directors, and officers, for their deceptive and unfair marketing of cryptocurrency to the public,” the complaint explains.

The FTC filing says the proposed sale of the debtor’s assets would interfere with the current probe, which could essentially discharge Voyager and specific staff members from alleged “fraud-related debts held by a governmental unit.” The FTC is not the only government agency investigating Voyager. Texas’s securities regulator and attorney general objected to FTX purchasing Voyager prior to FTX’s collapse.

The Securities and Exchange Commission (SEC) objected to the proposed acquisition by Binance US. Despite the objection, Voyager received court approval to proceed with the sale. Voyager’s legal representation, Allyson Smith of Kirkland & Ellis, told the court the sale is “on track” to proceed. “We are on track and don’t anticipate any obstacles,” Voyager’s lawyer stressed. However, the latest filing by the FTC insists that the debtors are “not entitled to a discharge here.”

“Further, even if debtors were entitled to a discharge (through operation of consensual releases, for example), the code specifically precludes the discharge of fraud-related debts held by a governmental unit,” the FTC’s objection concludes. “Wherefore, for the foregoing reasons, the FTC respectfully requests the court deny confirmation of the debtors’ proposed plan; strike Section VIII.B and D of the proposed plan; or grant any other relief the Court deems just and proper.”

What do you think about the Federal Trade Commission saying it is investigating Voyager Digital’s marketing practices? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.