In short: The blockchain of the Venezuelan petro cryptocurrency has faced operational issues, stopping block generation on May 24 and again on May 28 after restarting briefly on May 27. Reports suggest that hundreds of petro wallets have been blocked or eliminated, with some accounts belonging to active community members. Previously, withdrawals in fiat currency had also been blocked by Sunacrip over two months ago, and there has been no official update on the current issues. The watchdog institution's temporary management has occurred because its head, Joselit Ramirez, was arrested for his alleged involvement in a multi-billion dollar crypto corruption scheme.
Our quick analysis:
The official Venezuelan cryptocurrency, Petro, has been facing operational problems since the past week. The blockchain of the petro has allegedly been running into issues, with block generation stopping on May 24, which has affected the functionality of the cryptocurrency asset. Private association of crypto enthusiasts, Asonacrip, along with Cryptoland.vzla, has issued a joint statement warning about the issue.
According to the statement, the Petro blockchain halted its block generation on May 24 at 07:00 in the morning, which made transactions between different wallets impossible. The blockchain started generating blocks again on May 27 but halted once more on May 28 after issuing just four blocks.
There were also reports of a massive block and elimination of petro wallets when the chain was first halted. Accounts of hundreds of users of the PATRIA platform were blocked and deleted without any warning, most of them belonging to active members of the community.
Venezuelan journalist and deputy of the Venezuelan Legislative Assembly, Mario Silva, also raised concerns about the issue via social networks about a possible exploit. He stated that many users had their wallets blocked with no explanation.
Withdrawals in fiat currency were also blocked since the intervention of Sunacrip, more than two months ago. However, at the time of writing, neither Sunacrip nor the petro official support account has given updates on the problems reported.
Sunacrip, the Venezuelan cryptocurrency watchdog, is under the temporary management of an intervention board after its head, Joselit Ramirez, was arrested for his alleged participation in a multi-billion dollar crypto corruption scheme. Bitcoin miners that had legally registered their companies with the institution have been required to halt operations until further notice since March 24, resulting in losses for the sector.
The operational problems of the Petro blockchain and the alleged massive block of petro wallets have raised concerns in the crypto community. As of now, there is no clear explanation or solution provided for these issues. What do you think about the situation? Share your thoughts in the comment section below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The official Venezuelan cryptocurrency, Petro, has been facing operational problems since the past week. The blockchain of the petro has allegedly been running into issues, with block generation stopping on May 24, which has affected the functionality of the cryptocurrency asset. Private association of crypto enthusiasts, Asonacrip, along with Cryptoland.vzla, has issued a joint statement warning about the issue.
According to the statement, the Petro blockchain halted its block generation on May 24 at 07:00 in the morning, which made transactions between different wallets impossible. The blockchain started generating blocks again on May 27 but halted once more on May 28 after issuing just four blocks.
There were also reports of a massive block and elimination of petro wallets when the chain was first halted. Accounts of hundreds of users of the PATRIA platform were blocked and deleted without any warning, most of them belonging to active members of the community.
Venezuelan journalist and deputy of the Venezuelan Legislative Assembly, Mario Silva, also raised concerns about the issue via social networks about a possible exploit. He stated that many users had their wallets blocked with no explanation.
Withdrawals in fiat currency were also blocked since the intervention of Sunacrip, more than two months ago. However, at the time of writing, neither Sunacrip nor the petro official support account has given updates on the problems reported.
Sunacrip, the Venezuelan cryptocurrency watchdog, is under the temporary management of an intervention board after its head, Joselit Ramirez, was arrested for his alleged participation in a multi-billion dollar crypto corruption scheme. Bitcoin miners that had legally registered their companies with the institution have been required to halt operations until further notice since March 24, resulting in losses for the sector.
The operational problems of the Petro blockchain and the alleged massive block of petro wallets have raised concerns in the crypto community. As of now, there is no clear explanation or solution provided for these issues. What do you think about the situation? Share your thoughts in the comment section below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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