A 23-Year-Old Scammer Fakes His Own Abduction To Steal $1M Worth Of BTC From Clients

The authorities of Venezuela are in pursuit of a scammer who vanished after allegedly stealing 23.66 BTC (Bitcoin), valuing up to $1.15 from his customers by forging his own abduction. On 29th August, Douglas Rico (the director of Criminal-and-Criminal-Investigations-Corps of Venezuela) released a statement focusing on Andrés-Jesús-Dos-Santos-Hernández, who was being sought out by the biggest police agency of the country for allegations of fraud and money laundering.

Authorities affirmed that the accused seemingly dramatized his abduction and emptied his consumers’ Binance accounts at the time when he supposedly disappeared. Rico said that the police consider Hernandez himself to have had triggered an abduction pretending that his abductors compelled him to get into the platform of Binance and transfer amounts to several digital wallets, draining all the existing digital assets. The suspect is thought to have had been doing the job of an advisor regarding finance prior to acquiring investments from various native investors. It has been claimed by the authorities that Hernandez collected nearly 23.66 BTC cumulatively.

The money-laundering-suspect (approximately ageing 23 years) had apparently followed the directions of the hypothetical kidnappers in wiping all the assets off the wallets of his customers, which is not the earliest astonishing case in the history of crypto and the country. The reason behind an upsurge of such events appears to be the status of the country as an international centre for BTC adoption, and the residents thereof are turning to a great extent towards crypto assets for standing against the prolonged inflation because of which the country has been largely overwhelmed for almost the entirety of past ten years.

Venezuelans take cryptocurrencies as an opportunity that offers them a store for their wealth. With the assistance of this type of currency, they are able to get into the international market. Additionally, the crypto also delivers the users a chance of converting their money into United States dollars.

Since the launch of the native crypto of Venezuela up till now, the authorities of the country have tried their best to assert their control over the local market of digital assets through promoting their version of crypto, which would be backed by oil. The name of government-promoted crypto is ‘The Petro’. Nevertheless, the native currency has not been much appreciated by the local community as the statistics indicate only a little evidence about its vast-scale adoption.