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Venezuelan authorities have arrested two hackers who allegedly stole nearly $ 2 million from a local stock exchange. The two used obfuscation protocols to cover their tracks, but the police managed to track the shot to a company they are associated with.
The Venezuelan Corps of Scientific, Criminal and Criminal Investigation (CICPC) recently announced that it has arrested the two cybercriminals. 34-year-old Kevin Diaz and 33-year-old Jose Manuel Mendoza allegedly stole 101 BTC, worth $ 1.93 million at press time.
The two targeted local digital currency exchange reports Bancar, Decrypt. To cover their tracks, they used obfuscation protocols, but the CICPC still managed to track them down. The investigation agency, which is Venezuela’s largest national police force, has partnered with national internet service provider CANTV to track them down.
According to local reports, the two suspects were associated with PROINSA CA, a company whose servers were allegedly used by Bancar Exchange. It is unclear how the two alleged criminals were associated with the company.
CICPC stated: “These citizens have had access to the systems, bypassing all its security and, in turn, have carried out several transactions for a total amount of 101 BTC, which were not authorized by the Bancar company”
Bancar Exchange has yet to release a statement regarding the robbery.
Venezuelans have adopted digital currencies in recent years as they seek an alternative to their inflationary Bolivar fiat currency. The South American country continued to experience record-breaking hyperinflation after years of political instability. In 2019, the country took the headlines after the IMF revealed that its inflation had hit 10 million percent.
Digital currencies have been Venezuela’s refuge. According to the Chainalysis Global Cryptocurrency Adoption Index, the country ranks second globally by adoption. Bitcoin SV, with its very low fees and instant transactions, is best suited for retail payments in Venezuela.
Nicolas Maduro’s government has tried to crack down on digital currencies and promote its Petro currency. In its biggest censorship move, the government blocked access to the popular Airtm exchange, denying over 60,000 healthcare professionals their bonuses. Workers were to receive bonus payments via the exchange in digital currencies and US dollars. This was after opposition leader Juan Guaido recovered $ 24 million in a legal battle with President Maduro.
Protesting the ban, Airtm founder Josh Kliot said, “You know you are dealing with totalitarian power when a government blocks access to a basic need like the Internet. All we want to do is help those who need it most by making free and accessible money. “
See also: CoinGeek Live panel on the future of security and custody of digital assets
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