Venezuela Arrests $2 Million Bitcoin Theft Suspect

As if U.S. sanctions, economic instability, and a sometimes hostile government weren’t enough, Venezuelan traders also have to deal with hackers.

The Venezuelan Corps of Criminal, Criminal and Scientific Investigations (CICPC), the equivalent of the Federal Bureau of Investigation in the US, recently announced the arrest of two individuals who allegedly broke into the servers of a Venezuelan exchange platform, stealing 101 Bitcoins (worth over $1.9 million) .

Suspect Breaking into Bancar Exchange Server

José Manuel Osorio Mendoza, 33, and Kelvin Jonathan Diaz, 34, are accused of breaking into the servers of Bancar Exchange, one of the many cryptocurrency exchanges allowed to operate in Venezuela. After evading the security of the platform, they allegedly proceeded to make Bitcoin and fiat transfers to the various accounts associated with it.

Although the hackers used an incognito protocol (a kind of vpn) in an attempt to cover their tracks, police were able to trace the theft to one company, Proinsa, although it is unclear what the suspect’s real connection to the company was.

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