"All the crypto companies there will be destroyed later, but maybe they can recover."
Venezuela's energy supplier is shutting down its cryptocurrency mining facilities around the world as part of efforts to restructure the country's crypto department as well as an ongoing investigation into corruption involving Venezuelan oil company PDVSA.
While it is still unclear how many crypto companies have been affected, several digital asset exchanges have been ordered to cease operations after mining facilities were shut down in the states of Lara, Carabobo and Bolivar.
This is because government officials were found to be running oil operations with the help of the crypto department, commented Venezuela's attorney general Tarek William Saab.
It is reported that they use commercial conglomerate companies to approve capital obtained from sales through crypto or real estate acquisitions.
The streak, Saab said 10 individuals were arrested during the investigation and not to forget the arrest of Joselit Ramirez Camacho who heads the crypto department and supervises the PetroDollar (XDP) country's crypto and digital asset tax regulations.
Camacho has been on the United States (US) Most Wanted List since June 2020 when the Department of Homeland Security Investigations issued a $5 million reward for any information leading to the arrest of the XDP supervisor.
Authorities allege that Camacho has deep political and economic ties to suspected narcotics criminal and former Venezuelan vice president Tareck El Aissami.
