Venezuela Arrests Suspects in $2 Million Bitcoin Heist

As if US sanctions, economic volatility and a temporarily hostile government weren’t enough, Venezuelan traders also have to deal with hackers.

The Venezuelan Scientific, Criminal and Forensic Investigation Corps (CICPC), equivalent to the US Federal Bureau of Investigation, recently announced the arrest of two people who allegedly managed to break into the servers of a Venezuelan trading platform and hold 101 bitcoins to steal (worth over $ 1.9 million).

José Manuel Osorio Mendoza (33) and Kelvin Jonathan Diaz (34) are accused of breaking into the servers of Bancar Exchange, one of around a dozen cryptocurrency exchanges approved to operate in Venezuela. After bypassing the platform’s security, they allegedly made bitcoin and fiat transfers to various accounts linked to them.

Image: CICPC.

Although the hackers used obfuscation protocols to cover their tracks, police were able to trace the thefts back to one company, Proinsa, although it is unclear how the suspects are linked to the company.