Venezuela’s Crypto Authority Wanted With $5 Million Bounty

Key Points:

• Joselit Ramírez, Venezuela’s main authority on cryptocurrency regulations, has been removed by the President of the Republic, Nicolás Maduro.
• Ramírez was arrested for a series of major administrative corruption and public-fund misappropriation offenses.
• The US government is promising $5 million in exchange for information leading to his capture.

In a decree published on March 17, Venezuela’s president, Nicolás Maduro, ordered the reform of the National Superintendency of Crypto Assets.

Joselit Ramírez, Venezuela’s highest authority on cryptocurrency regulations, has been fired by none other than President of the Republic Nicolás Maduro.

According to Venezuelan media, Ramírez has subsequently been detained and is being investigated for his involvement in a conspiracy to steal from Venezuela’s oil activities.

A new board of directors will oversee the reorganization, led by Anabel Pereira Fernández, a lawyer who formerly served as president of the Fondo de Garantia de Depositos y Protección Bancaria, Venezuela’s equivalent of the US Federal Deposit Insurance Corp (FDIC). Héctor Andrés Obregón Pérez, Luis Alberto Pérez González, and Julio César Mora Sánchez are among the other directors.

According to Maduro’s government, the action is designed to safeguard civilians from the detrimental impacts of economic constraints, among other things.

Ramírez was detained by the National Anticorruption Police after a request for legal proceedings was filed against a series of citizens of people who might be implicated in major crimes of administrative corruption and fund theft.

Venezuelan authorities are investigating a corruption operation in which $3 billion from Venezuelan oil sales were redirected so that it did not show in the government’s official records.

Joselit Ramírez took over in June 2018, succeeding Carlos Vargas, a former congressman and member of the opposition party Un Nuevo Tiempo, who had been charged by the government with overseeing the establishment of the national cryptocurrency “Petro.”

Ramírez was placed on the United States Most Wanted List in June 2020. The Homeland Security Investigations division of the United States Immigration and Customs Enforcement agency offered a $5 million reward for information leading to the arrest of Petro’s boss.

Nonetheless, Ramírez’s reward was the least among the significant co-conspirators, with the US government offering $15 million for the apprehension of Venezuela’s President, Nicolás Maduro.

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Harold

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