In the news circulating yesterday in the press, the Venezuelan authorities have arrested two crypto hackers who stole about $2million in Bitcoin from a local crypto exchange, Bancar Exchange. The two men, 34-year-old Kevin Diaz and 33-year-old Jose Manuel Mendoza, allegedly stole $1.93 million worth of Bitcoin, were apprehended by the Venezuelan Scientific, Criminal, and Criminalistic Investigations Corps (CICPC). They managed to track the criminals and linked their biodata to a firm they are associated with.
Law enforcements used CANTV to track the criminals
The two hackers used unclear protocols and hidden identities to carry out this act. Still, the police were able to close down on them via both men’s affiliated business ventures. The Venezuelan largest investigative agency and police body worked the CANTV to track the suspects. CANTV(Compañía Anónima Nacional de Teléfonos de Venezuela) is the national telephone and internet service provider in Venezuela.
It was one of the first telephone service enterprises in the country, founded in 1930 by Hugo Chavez, and remains the largest telecommunications provider in Venezuela. In the report, the two suspects were associated with PROINSA CA (a technology-related service provider) whose server Bancar Exchange uses.
The relationship of the two men with PROINSA CA is not clear yet, but in the news, according to the CICPC, it claims that the accused accessed the systems of Bancar unauthorized. The accused bypassed all security passages and protocols, carried out several transactions, which amount to about 101 Bitcoins. These transactions were carried out without the knowledge and Authorization of the Bancar Exchange.
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Venezuelans turn to crypto as inflation rocks the country
Amid the current hyperinflation in Venezuela, the citizens have to turn to cryptocurrency as an alternative. The country has seen its economy plummet due to the country’s issues that have continued to slip into recession. The Latin-American country’s armed forces have established a new facility known as the Digital Assets Production Center of the Bolivarian Army of Venezuela, which has already started mining cryptocurrencies like Bitcoin to secure funds. The political uncertainties in the country had forced citizens to suffer in the past year. The government has also continued to face international trade restrictions from the United States and a few other countries.
Bancar Exchange is a small Crypto exchange startup in Venezuela thriving amid the turmoil in the country. It is a crypto asset Exchange House striving to offer a quality service with financial strength. The firm believes in close and long-term relationships with its clients and understands that their trust is great support for its growth. Therefore they agree that it is their responsibility in each business aims to assess the decisions made, with the dedication and vision for the future that is required.