Venezuelan Prosecutors Arrest 21 Individuals in Cryptocurrency-Linked Oil Corruption Cases

03/26/2023 12:45 • AI & Tech Insights • 67 views

According to reports, Venezuelan prosecutors have arrested 21 people involved in oil corruption cases related to the country’s cryptocurrency, suspected of participating in an extensive cryptocurrency plan by the state-owned oil company PDVSA. It is reported that 11 of the arrested people were businessmen, and the remaining 10 were government officials. In addition, the Venezuelan government has issued arrest warrants for 11 other people suspected of participating in the same cryptocurrency plan, However, the Venezuelan Attorney General Tarek Saab has not disclosed the names of the relevant companies or personnel for the time being. (Reuters)

Venezuela has arrested 21 people in an oil corruption case related to cryptocurrencies

This article sheds light on the recent developments in Venezuela’s cryptocurrency plan that has been linked to the state-owned oil company, PDVSA. According to reports, Venezuelan prosecutors have arrested 21 individuals suspected of participating in an extensive cryptocurrency plan by the country’s oil company. The arrestees include 11 businessmen and 10 government officials. Additionally, arrest warrants have been issued against 11 other individuals involved in the same cryptocurrency plan. However, no names of the personnel or companies involved have been disclosed yet by the Venezuelan Attorney General Tarek Saab.

The Cryptocurrency Plan Related To The State-Owned Oil Company PDVSA

The state-owned oil company PDVSA in Venezuela, one of the largest oil companies in the world, has been struggling with corruption and mismanagement issues for a long time. In an attempt to cut down on corruption, the Venezuelan government launched a cryptocurrency plan that aimed to create a new financial ecosystem to circumvent US sanctions and to reduce the dependence on US dollars in 2018. The national cryptocurrency, Petro, was launched with the claim that it would be backed by the country’s oil reserves. However, the move has been largely criticized and faced pushback from many sectors.

Venezuelan Prosecutors Arrest 21 People Involved in the Cryptocurrency Plan

Recent reports suggest that the Venezuelan prosecutors have arrested 21 people linked to the cryptocurrency-linked oil corruption cases. Eleven of these arrested individuals are businessmen, while the other ten comprise government officials. An investigation was initiated against these individuals when allegations of corruption emerged after the country’s cryptocurrency plan was launched. It is yet unclear what role these individuals played in the cryptocurrency-linked oil corruption cases.

Arrest Warrants Issued Against 11 Other People Connected to The Same Cryptocurrency Plan

The Venezuelan Attorney General Tarek Saab has issued arrest warrants against 11 individuals allegedly involved in the same cryptocurrency plan. However, the identities of these individuals have not been made public yet. It is speculated that these individuals are linked to either state-owned oil company PDVSA, or to the Venezuelan government. The exact nature of their involvement in the cryptocurrency-linked oil corruption cases remains unclear.

Conclusion

The recent arrests of 21 individuals linked to the cryptocurrency-linked oil corruption cases in Venezuela highlights the ongoing battle against corruption in the country’s oil industry. It also underlines the risks associated with such cryptocurrency plans launched by governments that aim to bypass international sanctions or reduce dependence on the US dollar. Whether these arrests will lead to significant changes in the country’s cryptocurrency-linked oil industry remains to be seen.

FAQs:

Q. What is PDVSA?
A. PDVSA is the state-owned oil company of Venezuela, one of the largest oil companies in the world.
Q. What is Petro?
A. Petro is Venezuela’s national cryptocurrency, launched in 2018 by the government to create a new financial ecosystem to circumvent US sanctions and reduce dependence on the US dollar.
Q. Who has been arrested in the cryptocurrency-linked oil corruption cases in Venezuela?
A. Reports suggest that 21 individuals have been arrested, including 11 businessmen and 10 government officials. Additionally, arrest warrants have been issued against 11 other individuals involved in the same cryptocurrency plan.

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