Critics and activists in Venezuela accuse President Nicolas Maduro of trying to circumvent international sanctions using cryptocurrency. 🕵️‍♂️

Maduro failed to comply with an agreement on free and fair elections, leading to the reinstatement of US sanctions on gold and oil.

Chainalysis conducted an analysis of the blockchain of SUNACRIP, a cryptocurrency supervisory authority created by the local government in 2018.

Data shows that SUNACRIP regularly transferred significant amounts of tokens between various cryptocurrency platforms, with a total amount exceeding $70 million in various stablecoins.

The Venezuelan government previously sought ways to circumvent US sanctions by creating the Petro cryptocurrency in 2018.