TechFlow News, February 2nd: According to a report by The Wall Street Journal, Kontigo, a crypto fintech company previously backed by industry investors including Coinbase Ventures, has become embroiled in controversy over allegations that it facilitated fund flows into and out of Venezuela’s economy. Disclosure documents indicate that stablecoins are increasingly becoming a key settlement mechanism for Venezuelan oil exports, with some funds subsequently flowing in via local banks, over-the-counter (OTC) channels, and licensed crypto trading platforms—including Kontigo. Notably, institutions such as JPMorgan, Stripe, and Bridge have reportedly severed their service relationships with Kontigo. Additionally, some users have reported restrictions on PayPal payment options on the platform. Recently, Kontigo disclosed that it suffered a hacker attack; its public on-chain wallet activity has noticeably declined, drawing market attention to its operational status. Kontigo stated it is conducting an internal compliance review and emphasized its commitment to adhering to U.S. sanctions and relevant legal requirements.
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