Those close to Maduro brought Venezuela to the top countries in cryptocurrency trade
Chainalysis reveals abnormal size the majority transactions for the average Venezuelan
Venezuelan cryptocurrency exchanges seem to be overseen by the country’s leadership
Who exactly uses crypto exchanges for money laundering in Chainalysis was not named
International consortium of news organizations, developing transparency standards.
The high activity of cryptocurrencies in Venezuela seems to mean money laundering by persons close to President Maduro, according to Chainalysis
Venezuela, one of the top 3 countries in terms of cryptocurrency trading volume, is obliged to his leadership to those close to the regime of Nicolas Maduro.
In 2018 year the Venezuelan government has launched a national cryptocurrency Petro, which is supported by the country’s oil reserves.
As part of the digitalization of the economy, the Venezuelan authorities have also launched seven cryptocurrency exchanges designed to facilitate the circulation of the national cryptocurrency..
For analysis activity Chainalysis chose one of the licensed exchanges called Criptolago
Signal from above
Criptolago belongs to the Venezuelan state of Zulia, governed by Omar Prieto, a loyal ally of Maduro who is under US sanctions for refusing to deliver humanitarian aid to Venezuela, according to Sayari’s financial intelligence report..
Per last year for Criptolago addresses It was received over 4000 transfers to bitcoin over $ 380 000, but sent more $ 360,000.
Chainalysis believes that through Criptolago, the associates of the Maduro regime are actively laundering money.
So, over 75% of the volume of transfers are carried out in transactions of $ 1000 or more in cryptocurrency.
This figure is remarkable themes, that the average Venezuelan citizen earns about 72 cent in a day.
An anonymous expert on Venezuela told Chainalysis that Criptolago’s transactional activity suggests the platform is being used by individuals associated with the Maduro regime with aim money laundering funds or withdrawing them from Venezuela.
Who exactly uses the Venezuelan exchanges for money laundering was not named in Chainalysis, but the Venezuelan authorities have recently been actively using their entire state resource for implementation of Petro in the whole power vertical.
In January of this years, Manduro promised to create a whole network casino, bets in which will be accepted by Petro. All received from the casino money was supposed to be used for the development of the health care system and education.
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