Venezuelan President Nicolás Maduro is reportedly using cryptocurrency to bypass international sanctions, according to critics and activists. This comes after the U.S. reinstated gold and oil sanctions due to Maduro's failure to ensure fair elections. Andrew Fierman, head of national security intelligence at Chainalysis Inc., suggests that sanctioned regimes often explore multiple avenues to evade such restrictions. A report from the Woodrow Wilson International Center for Scholars highlights loopholes in the latest sanctions, particularly in the context of the Maduro regime’s objective to leverage cryptocurrency projects.

Chainalysis has uncovered that Venezuela’s National Superintendency of Crypto Assets and Related Activities (SUNACRIP) has been transferring large volumes of tokens across various accounts within different cryptocurrency platforms. Over $70 million in stablecoins has been processed through addresses likely managed by SUNACRIP or affiliates, facilitating smoother financial operations despite sanctions. Critics urge for stricter sanctions and call for investigations into the Venezuelan government’s use of cryptocurrencies in sanction evasion.