He told his clients that the captors had forced him to drain their accounts, but detectives aren't buying it.
Police in Venezuela are hunting for a man who is accused of faking his own kidnapping and stealing Bitcoin worth more than $1 million.
Andres Jesus Dos Santos Hernandez is a 23-year-old financial advisor, and detectives say the funds were taken from the clients he served.
According to Douglas Rico, who is spearheading the investigation, Hernandez told the clients that his captors had forced him to drain their accounts.
A wanted poster of Hernandez has been posted on Instagram.
Violence in Venezuela
Although the police do not believe that Hernandez’s kidnapping is credible, this has been known to happen in the country.
Three weeks ago, a man with no connection to cryptocurrencies was abducted as he made his way home.
His captors subsequently demanded a ransom of 1.5 BTC, a sum that was later reduced to 0.5 BTC.
Unfortunately, his family still struggled to raise this amount — coming up with 0.062 BTC.
According to Latamtrust, the victim was shot six times and his body was found on a local road the following day.
Cryptocurrencies are proving exceedingly popular in Venezuela against a backdrop of rampant hyperinflation and crippling economic sanctions imposed by the United States.