Venezuelan Petro Blockchain Faces Operational Challenges, Wallets Blocked
The Venezuelan petro blockchain, the official cryptocurrency asset of the country, is encountering significant operational challenges, resulting in disruptions and blocked wallets. Since May 24, the blockchain has experienced multiple halts, impeding transactions and functionality. Asonacrip, a local cryptocurrency association, has raised concerns about hundreds of Petro wallets being eliminated or blocked.
Operational Difficulties Plague Official Venezuelan Petro
The operational woes of the Venezuelan Petro blockchain have raised alarms among cryptocurrency enthusiasts. Asonacrip, in conjunction with Cryptoland.vzla, a crypto education-focused group, issued a joint statement revealing that the blockchain abruptly ceased block generation on May 24, rendering wallet-to-wallet transactions impossible.
In a joint statement with Cryptoland.vzla, Asonacrip stated:
"Last Wednesday (May 24) at 07:00 in the morning, suddenly and without warning, the Petro Blockchain was paralyzed, making transactions between different wallets impossible."
Although the Petro blockchain briefly resumed block production on May 27, generating only four blocks, it encountered another setback by halting once more on May 28.
Petro Blockchain Halts and Wallets Blocked, Users Demand Answers
The joint statement further highlighted a troubling development—numerous petro wallets being blocked and eliminated during the initial halt of the blockchain. Active members of the Petro community, including those associated with the PATRIA platform, saw their accounts inexplicably rendered inaccessible or deleted. The joint statement also stated:
"A few hours later, also without warning, accounts of already hundreds of users of the PATRIA platform were blocked and deleted, most of them belonging to active members of this community."
The situation garnered attention from Mario Silva, a Venezuelan journalist and deputy of the Venezuelan Legislative Assembly, who voiced concerns on social media about potential exploits. Silva revealed that numerous users found their wallets blocked without any explanation.
Additionally, reports indicate that withdrawals in fiat currency have been blocked since the intervention of Sunacrip, the Venezuelan cryptocurrency watchdog, more than two months ago. As of now, neither Sunacrip nor the official Petro support account has provided updates on the reported problems.
It's important to note that Sunacrip currently operates under a temporary management intervention following the arrest of its head, Joselit Ramirez, for alleged involvement in a multi-billion dollar crypto corruption scheme.
The ongoing investigation has also impacted Bitcoin miners, who were legally registered with the institution. Since March 24, these miners have been required to halt their operations until further notice. This suspension has resulted in substantial financial losses for the sector, amounting to hundreds of thousands of dollars.
The operational problems plaguing the Petro blockchain and the alleged blocking of Petro wallets have sparked concerns within the cryptocurrency community. Users are demanding answers and transparency regarding these issues.
What is your take on the challenges faced by the Petro blockchain and the reported blocking of Petro wallets? Please post your comment.
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