23 Year Old Venezuelan Supposedly Fakes Own Kidnapping and Robs $1 Million Worth of Bitcoin

Crypto criminals are becoming increasingly more creative as authorities are unable to locate the Venezuelan fugitive.

Kyle Heise
September 2, 2021
Blockchain News

Going Off the Grid

A young Venezuelan man is still on the loose after authorities accused him of stealing $1,150,000 worth of Bitcoin. The Venezuelan Corps of Scientific Criminal and Criminal Investigations (CICPC), the highest police authority in the country, is on the prowl for the disappeared man they claim simulated his own kidnapping to steal the funds. 

The supposed plot hatched up by Andrés Jesús Dos Santos Hernández involved having his captors deposit Bitcoin into various Binance accounts. The call for Hernandez’s arrest came on August 27 following a wanted ad posted with his image. 

“Wanted for Money Laundering and Fraud[...],” read the Instagram post by CICPC Director Douglas Rico. “[...]by simulating a kidnapping where his captors allegedly forced him to enter the Binance platform and make transfers to different digital wallets, depleting all the crypto assets in question.” 

Lawmakers are cracking down on hackers and blackhats around the world. We’re seeing more and more creativity coming around how to finagle decentralized assets. The dire economic situation could have been a motivating factor for Hernandez. Cryptocurrencies are an avenue to manufacture an income, especially when a domestic economy fails. With Hernandez successfully still on the loose as of now, the young man has beat the system. 


‘The Savior’

One potential destination for Hernandez could be El Salvador, which braces for full-scale Bitcoin adoption this coming week. Since the cryptocurrency became legal tender in the small Central American country, thousands have taken to the streets around the country in anti-Bitcoin protests

The currency law is set to take effect on September 8th, and some groups in the country have already begun saying they will not accept the digital coin for payment. The language of the law is being questioned by some groups for vagueness, while others are searching for holes to exempt themselves. Others are finding ways to make themselves money.

“When receiving BITCOIN and changing them to dollars there will be a 5% commission. That is $50 for every $1,000, that we want to get my own dollars. NICE BUSINESS,” the Salvadoran Association of International Cargo Carriers (ASTIC) tweeted in Spanish on August 25.

There is much hoopla surrounding the new monetary law. El Salvador is on the verge of making history when it becomes the first country in the world to adopt a cryptocurrency as legal tender. The eyes of the world are on El Salvador this coming week. All the while, the young Venezuelan who absconded continues to roam free with over $1 Million at his disposal. 

No items found.
Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. Go Giants!

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.