Venezuelan Petro Blockchain Faces Operational Challenges, Alleged Wallet Blockages

The blockchain of the petro, Venezuela’s official cryptocurrency, has encountered operational difficulties, resulting in temporary halts and alleged blockages of hundreds of petro wallets. The issues began with a halt on May 24, followed by a brief restart on May 27, only to face another interruption on May 28. Asonacrip, a local cryptocurrency association, raised concerns about these problems and the reported elimination or blockage of petro wallets.

The official Venezuelan cryptocurrency, the petro, has experienced operational problems with its blockchain in recent weeks. Asonacrip, in collaboration with Cryptoland.vzla, issued a statement drawing attention to the issue, stating that the block generation on the Petro chain came to a sudden stop on May 24, thereby impeding transactions between different wallets.

Following this halt, the Petro blockchain briefly resumed block production on May 27, managing to generate only four blocks before coming to a stop again on May 28.

In addition to the blockchain halts, Asonacrip’s joint statement also highlighted a significant number of Petro wallets being blocked or eliminated during the initial period of disruption. The statement explained that, without prior warning, the accounts of numerous users on the PATRIA platform were blocked and deleted, affecting many active community members.

Venezuelan journalist and deputy of the Venezuelan Legislative Assembly, Mario Silva, took to social media to raise awareness of the issue, suggesting the possibility of an exploit and noting that users had their wallets blocked without any explanation.

There have also been reports of blocked fiat currency withdrawals since Sunacrip’s intervention more than two months ago. As of now, neither Sunacrip nor the Petro official support account has provided updates regarding the reported problems.

Sunacrip, the Venezuelan cryptocurrency watchdog, is currently under the temporary management of an intervention board due to the arrest of its head, Joselit Ramirez. Ramirez is facing allegations of involvement in a multi-billion dollar crypto corruption scheme.

As a result of this ongoing investigation, Bitcoin miners who had legally registered their companies with Sunacrip have been instructed to halt operations until further notice since March 24. This decision has led to significant financial losses for the sector, totaling hundreds of thousands of dollars.

The challenges faced by the petro blockchain and the reported wallet blockages underscore the difficulties associated with maintaining and operating a national cryptocurrency. These issues, coupled with the ongoing investigations and regulatory interventions, highlight the complexities and uncertainties surrounding the Venezuelan cryptocurrency landscape

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments. This is a news article only. 

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