Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to face restructuring – Bitcoin News

Joselit Ramirez, head of Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to local media reports. Ramirez, who led the institution since its creation in 2018, was arrested for allegedly being involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales.

Sunacrip CEO Joselit Ramirez arrested

Joselit Ramirez, head of Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18 on corruption charges. According to reports from the local newspaper Ultimas Noticias, the arrest of Ramirez is part of a national special operation against corruption, which also included the capture of several high-profile figures, including Cristobal Cornielles, president of the judicial circuit of Caracas, and Pedro Hernandez, a city mayor.

Although details of the investigation have not been disclosed, local outlets suggest that the arrest is linked to the disappearance of $3 billion obtained from the sale of Venezuelan oil that did not enter the state accounts.

Sales of Venezuelan oil paid for with crypto have previously been discovered by the US government, which has PDVSA, the state oil company, as a sanctioned entity since January 2019. In October, two oil brokers were charged with brokering illegal oil deals for PDVSA, using cryptocurrencies and shell companies to avoid detection.

Ramirez, who led the institution from its inception back in 2018, also figures as one of the Venezuelan government officials indicted by the US Department of Justice on narco-terrorism and corruption charges on March 26, 2020. Venezuelan President Nicolas Maduro was also charged at the time.

Restructuring Commission appointed

As a result of the arrest, President Maduro signed an executive order arranging the restructuring of Sunacrip and the removal of Ramirez. The measure, effective from March 17, will have a duration of six months and will be carried out by a restructuring commission, which will examine the current status of the institution and propose changes to the rules and procedures to “contribute to the goals and objectives” of the country.

As part of this executive order, Maduro stated that this measure was taken to “protect the Venezuelan people from the negative effects of the multifaceted aggression that is taking place against the country.” The restructuring commission will be chaired by Anabel Pereira Fernández and three principal directors: Hector Obregon, Luis Perez and Julio Mora. Three additional deputy directors were also appointed.

What do you think about the arrest of Sunacrip’s former head Joselit Ramirez and the upcoming restructuring of the institution? Tell us in the comments 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 spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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