Sunacrip, the Venezuelan crypto regulatory authority, and the intelligence Police (CICPC) informed the people about the possible scams hidden within the crypto profit illusion. The two institutions combined gave several recommendations to avoid the crypto scam involving the national cryptocurrency petro (PTR). People have been also told to keep their crypto passwords secure.  The government officials have said that the sole purpose of these detailed recommendations is to aware people. The officials have also claimed that the government has played its role to educate people, now it’s up to people to identify the scam and get rid of it.

A warning is being issued on social media about general cyber security. The country’s intelligence advised people to exercise all the necessary steps to remain safe against crypto-related frauds.  The information was shared via Instagram and Facebook.

Sunacrip also told consumers to not share the account details with any third party and operate their accounts by themselves. This was probably the answer to the last week’s biggest crypto scam that took place in the country. Where a man faked his kidnapping and stole over 1 million dollars for his customers.

 The investigators revealed that a person named Andres Jesus Dos Santos Hernandez faked his kidnapping scene and his kidnappers forced him to enter the Binance details of his customers. The payment was made through the Binance platform to multiple digital wallets. Dos Santos is now on the run, he is accused of money laundering and other financial criminal acts. The primary reason for this scam was that users have provided Dos Santos with all of their information.

In addition to keeping the secrecy of the data, the intelligence police have also told the people that they need to use only Sunacrip-approved crypto exchanges to move all their crypto assets. It would guarantee the safety of people’s digital tokens. The state’s regulatory agencies are fully involved to ensure user safety. Handling the information and digital accounts by self significantly refuses the identity theft chances.

However, this is not the first case where someone else’s information is being used to complete the transactions on Binance. But as of this writing, Binance is nothing less than a hotbed in Venezuelans, every second person investing in crypto is using Binance.  Apart from using, Binance’s services, people are seeking advice from Binance’s financial advisors and investment experts.  Moreover, the company is also managing the public’s crypto funds in the country. Especially P2P market strategy introduced by Binance has thrown Localbitcoins to the second number.  Binance has doubled its trade volume in a very limited time. In an official statement, Binance has said that the company is fully committed to bringing in more transparency in its platform.