Four Venezuelans Arrested on Charges of Bitcoin Mining

Three men [Néstor Rafael Amundaray Precilla (57), Kevin David Ojeda Díaz (26), Alberto José Zapata Orta (23)] and a woman [Ana Cecilia Farias Villanueva (25)] have been arrested in the Venezuelan town of Charallave in connection with crypto-currency mining.

Douglas Rico, director of the federal police agency Cuerpo de Investigaciones Cientificas Penales y Criminalisticas (CICPC) announced that the criminals were held accountable for “electricity theft” and “Internet fraud” due to operating over 300 bitcoin mining computers. Subsequently, the offenders sold the machines near the Venezuelan border where currency controls can be bypassed. The news was first published online by CriptoNoticias.

This is not the first instance of bitcoin miners arrested by the Venezuelan federal police. An identical situation took place in 2015 when two men were detained on the grounds of the same charges.

The crime of bitcoin mining is gaining popularity in socialist Venezuela owing to the heavily subsidized electricity prices. Essentially, this process changes the value of electricity into currency. Since electricity is practically free, bitcoin miners only need considerable computer processing power in order to make handsome profit by sponging off the country.

Recent Posts

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

20 hours ago

SEC’s Crypto Mom is calling for the U.S. to catch up and considers a ban on Bitcoin foolish

According to Hester Peirce, an American lawyer and Commissioner at the US Securities and Exchange Commission (SEC), a government ban…

21 hours ago

Bloomberg expects Bitcoin price to land on $400,000 in this halving cycle

In the latest edition of its monthly “Crypto Outlook,” Bloomberg, senior strategist Mike McGlone reports on the bullish narrative around bitcoin…

21 hours ago

Coinbase high valuation is not a “done deal”, as analysts issue some caution ahead of its direct listing

Looking ahead to next week’s Coinbase direct listing, analysts conclude that by no means it is a “done deal” game…

22 hours ago

Bitcoin’s adoption is at a “tipping point”, according to Fidelity Investments Executive Tom Jessop

During an interview at Marketwatch and Barron’s “Investing in Crypto” event, Tom Jessop, Head of Fidelity Digital Assets at Fidelity…

3 days ago

Cardano’s Alonzo upgrade is expected to be live by end of summer

In a blog post that was announced on their Twitter page on Thursday, The Input Output HK (IOHK) team outlined…

3 days ago