The authorities of Venezuela have reportedly urged local bitcoin miners to temporarily halt operations while inspecting a major corruption scheme that could have drained up to $20 billion.

People who are part of President Maduro’s inner cycle are suspected of orchestrating the crime that involved the national oil and gas company – Petróleos de Venezuela.

Pausing Crypto Activities During the Investigation

According to a Forbes coverage, large-scale BTC miners in Venezuela will have to turn off their machines due to an alleged corruption case that shocked the nation. It is estimated that between $3 billion and $20 billion are missing from Petróleos de Venezuela – a state-owned oil and natural gas company and the world’s fifth-largest exporter of hydrocarbons. 

Investigators accused some of the leaders of President Maduro’s political movement (known as Chavismo) of having a hand in the scheme. 

The Superintendencia Nacional de Criptoactivos (SUNACRIP) stands at the center of the process since it played a role in liquidating sales following the US sanctions against the company. It was also among the main institutions concerned with all types of energy usage and bitcoin mining. 

The authorities have also required other cryptocurrency businesses, including exchanges and payment platforms with SUNACRIP licenses, to cease operations during the investigation. 

Posts on social media platforms have recently revealed that the National Anticorruption Police had started inspecting domestic bitcoin mining firms to find any links between them and the corruption leaks in the energy sector. Law enforcement agents have also checked whether miners have the necessary authorization and up-to-date documentation to operate in the country.