Coinbase-backed Bitcoin exchange AirTM blocked in Venezuela over ties to the opposition

The government of Venezuela restricted access to the cryptocurrency exchange AirTM, through which the opposition planned to distribute $18 million among 62,000 healthcare workers. This was reported by Matt Ahlborg, founder of the analytical firm Useful Tulips.

1/ An absolutely incredible story out of Venezuela today. @theairtm, a @Coinbase funded digital currency exchange, has been elected to redistribute $18M in US government seized corruption funds of the Maduro government back to 62,000 healthcare workers in Venezuela.

— Matt Ahlborg [UsefulTulips.org] (@MattAhlborg) August 21, 2020

U.S. authorities seized the funds from the government of incumbent President Nicolás Maduro. For distributing them, opposition leader Juan Guaidó selected the AirTM exchange. Soon after, access to the platform within the country was restricted.

4/ As a result of this redistribution campaign, the Maduro government yesterday blocked access to AirTM from inside of Venezuela. However, just as quickly, Venezuelan activists were creating educational resources on how to access AirTM despite the block. https://t.co/V0Lozcl9Mg

— Matt Ahlborg [UsefulTulips.org] (@MattAhlborg) August 21, 2020

“I want to highlight separately the fact that in 2020 the leader of a major opposition party supported a Bitcoin company and entrusted it with distributing aid for carrying out political reforms. How far this has all gone!” — he noted.

Earlier this year, in early June, U.S. authorities announced a $5 million reward for information about the whereabouts of the operator of Venezuela’s national digital currency project, El Petro.

In July, the Venezuelan National Guard confiscated a shipment of Antminer S9 mining equipment.

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