Venezuelan Man Arrested for Alleged Tether Scam on Binance through Facebook

Edgar Alexander Rodríguez Gil captured in the state of Bolívar after recruiting victims through social media to exchange Tether for cash on Binance, sending fraudulent transfer receipts, and affecting their economic patrimony.

A man was arrested by the Venezuelan Scientific, Criminal and Criminalistic Investigations Corps (Cicpc), after being accused of an alleged scam involving the stablecoin tether (USDT) and the cryptocurrency exchange Binance.

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According to the information provided by commissioner Douglas Rico, director of the scientific police, the arrested subject responds to the name of Edgar Alexander Rodríguez Gil and was captured in the state of Bolívar, in the south of the country.

Rodriguez Gil recruited his victims through the social network Facebook, where he offered to exchange Tether for dollars in cash through Binance, highlights the publication of Commissioner Rico.

“After finalizing the negotiations and having the money, he would send fraudulent transfer receipts, affecting the economic patrimony of his victims,” Rico said.

The alleged criminal was captured with USD 5,000 in cash and placed at the disposal of the 11th Prosecutor’s Office of the Venezuelan Public Prosecutor’s Office.

This case differs from others, since normally all transactions are made within the Binance P2P buying and selling market, without resorting to other platforms or social networks.

One of the cases told how three subjects used several profiles with fake names in Binance.

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The victims received the alleged payments in their bank accounts for the sale of cryptoassets, but found the funds blocked.

When the alleged criminals verified that they had received the cryptocurrencies in their wallet, they blocked the money in the bank account and then proceeded to make arrangements for the funds to return to their respective accounts.

Binance is not registered in Venezuela

It should be noted, that Binance is an exchange that applies security measures to prevent fraud in its application, however, organized crime has learned to use the platform.

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It is important to note that all cryptoasset exchanges operating in Venezuela are legally required to register with the corresponding regulator.

Precisely Binance, despite being one of the most used in the Caribbean nation, has not registered with the National Superintendence of Cryptoassets (Sunacrip).

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