They Were Jailed for Hacking an Exchange. Blockchain Data Cleared Them

IN DEPTH: Two Venezuelan software developers were arrested in 2020 on suspicion of stealing $1 million in Bitcoin from an exchange. Blockchain analytics played a key role in clearing their names. iamsandali reports

that Maduro had approved six local cryptocurrency exchanges to sell petro. According to the reports, Bancar was one of the six exchanges approved by Maduro. Penagos said that following Bancar’s approval, POSINT was hired to build out the firm’s trading platform. He added that after completing the work, POSINT handed the source code over to Bancar.A year later, 103.99 BTC worth around $1 million disappeared from the Bancar exchange in a cyberattack, according to the CipherBlade report.

“I think a professional attacker or hacker would not deposit that amount of money in a big exchange like Binance,” Penagos said.

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