US Says Venezuelan President Maduro Hid Massive Drug Ring Proceeds in Crypto

Nicolas Maduro and his crypto supervisor were two of the Venezuelan officials indicted Thursday on claims they used crypto to conceal the profits from drug running.

Mar 26, 2020 at 4:39 p.m. UTC
Updated Sep 14, 2021 at 8:22 a.m. UTC

Venezuelan President Nicolas Maduro tapped crypto to conceal transactions related to illicit drug-running, the U.S. Department of Justice alleged in an indictment Thursday

The sweeping charges against Maduro and 14 other Venezuelan officials are primarily targeted at stopping an alleged multibillion-dollar cocaine trafficking ring the DOJ claimed wreaked havoc on American communities for over 20 years. It allegedly involved drug runners, Colombian revolutionaries and narco-terrorism.

Venezuela’s crypto superintendent, Joselit Ramirez Camacho, 33, was also indicted in a separate action in the Southern District of New York. 

In the indictment’s accompanying press release, Homeland Security Investigations (HSI)  Acting Executive Associate Director Alysa D. Erichs said the conspiracy used crypto to cloak their alleged crimes.

“Today’s announcement highlights HSI’s global reach and commitment to aggressively identify, target and investigate individuals who violate U.S. laws, exploit financial systems and hide behind cryptocurrency to further their illicit criminal activity. Let this indictment be a reminder that no one is above the law - not even powerful political officials.”

The release does not name what cryptocurrency is involved. However, Venezuela notably maintains an oil-backed cryptocurrency called the petro. That project is regulated by Venezuela’s National Superintendent for Cryptoassets and Related Activities, Sunacrip.

Camacho is Sunacrip’s head.

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