Latam Insights: Illegal Crypto Crackdown in Argentina, Bancolombia Launches Crypto Exchange

Argentine Authorities Crack Down on $1.25 Million Crypto Investment Scam

Two Chinese nationals and an Argentine citizen were detained on March 8 due to their participation in a crypto investment scam in Argentina. According to local reports, the police cracked down on the operation, raiding a supermarket used as a facade for an illegal cryptocurrency mining farm and seizing dozens of graphics cards.

The Argentine citizen was identified as Fernando Barbatelli, who allegedly usurped the identity of another citizen to offer a cryptocurrency investment opportunity to a Chilean and a Mexican citizen. Barbatelli convinced the Chilean national that he was an old acquaintance turned cryptocurrency investor and got 20 bitcoin (valued at $1.25 million) deposited for these investments.

Authorities tracked the funds and found that funds were coming to the wallet of one of the Chinese nationals detained. The crackdown had the support of Binance and Lemon, two cryptocurrency exchanges that offered the information required and professionals to analyze the scheme’s information.

Leading Colombian Bank Bancolombia Launches Crypto Exchange

Bancolombia, one of the largest banking companies in Colombia, launched Wenia, a cryptocurrency exchange that will seek to disrupt the cryptocurrency space in the country. Wenia aims to wrestle market share from Binance and Bitso, crypto incumbents in Latam and Colombia, by offering high levels of security linked to the financial group to newcomers in the space.

The platform estimates it will reach 60,000 users in its launch year, given the potential of Colombia as the third nation with the most cryptocurrency adoption in Latam. Pablo Arboleda, CEO of Wenia, reinforced the relevance of offering a friendly platform to onboard new customers to crypto. “Our purpose is to help people connect with the crypto side in a more accessible, inclusive, and efficient way,” he stressed.

Genesis Digital Assets to Mine Bitcoin Using Flare Gas Power in Argentina

Bitcoin mining companies are increasingly searching for more environment-friendly energy sources to power their operations. Genesis Digital Assets, a bitcoin mining company, has announced that it has partnered with YPF Luz, a power provider, to build a bitcoin mining site run completely using electricity generated from flare gas in Argentina.

The Bajo del Toro plant, a recently built thermoelectric facility, will provide energy to Genesis Digital Assets’ bitcoin mining data center, hosting 1,200 miners in a site inside the plant. Before, YPF Luz had prepared a pilot to evaluate the feasibility of this agreement.

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