PERHAPS SARAH HOYT WILL LET ME BORROW HER SHOCKED FACE: Venezuela’s President May Have Falsified Information on the Petro.

Venezuela’s token El Petro, the world’s first state cryptocurrency, would have raised $ 5 billion in its initial money offer (ICO), according to Venezuelan President Nicolás Maduro. However, upon a review of the claim CCN and Criptomoedas Fácil, the numbers announced by Maduro have great chances of being false given that the announced value is impossible to have been collected.

According to the whitepaper on the official site of the initiative, exactly 38,400,000 tokens were on offer worth $ 60 each token (not counting the discount of 60% announced by the government during this phase). Crunching the numbers, the maximum the government could raise would be $ 2.304 billion, not counting the discount. If Maduro tells the truth in his announcement, he does not tell the truth in the official document of the project and in all previous announcements made by the president himself.

It’s almost as though the whole thing were just a scam to further enrich Maduro and his cronies, and keep them in power a little longer.