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Venezuelan On the Run for Alleged Crypto Scam

Police authorities are on the lookout for a 23-year-old Venezuelan who allegedly scammed investors of 23.66 BTC valued at $1.15 million based on current price of the asset. According to reports, the suspect referred to as Andrés Jésus Dos Santos Hernández had perfected the scam after faking his abduction, leading the affected investors to believe that his supposed abductors ordered him to transfer the Bitcoin assets to different digital wallets.

Police Authorities Declare Suspect Wanted 

Now, 23-year-old Andrés is wanted by police authorities for pulling off the crypto heist. As per a report issued by Douglas Rico, head of a crime investigation unit in the country, the suspect has been declared wanted by the national police agency and will be charged for money laundering and fraud after his arrest.

Andrés is believed to have arranged the supposed abduction while having access to the Binance accounts of clients whom he had convinced to invest with him as a financial advisor. As of press time, the suspect is yet to be apprehended, but police authorities are seriously on his tail.

Crypto Adoption on the Rise in Venezuela

Lately, Venezuelans have turned to cryptocurrencies as they aim to combat the challenge of inflation that have been plaguing most countries in the South American region. The latest incident is not likely to dampen their interest, just as related scams have not affected the adoption rate of digital currencies. Notwithstanding, industry experts have acknowledged the need for regulations that will protect investors from crypto scams and eliminate bad actors from the growing sector.

Despite its active efforts, the Venezuelan government has not been able to attract significant adoption for its oil-pegged cryptocurrency, The Petro among citizens. Back in June, it was reported that Venezuela was working on a central bank digital currency (CBDC) alongside other countries like the US and Canada.

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