As far as I know, it's not how it works. They essentially swapped USD for BTC.

When the currency is crashing down like that, people try to discard it by bying something else (goods or other currencies). As I get it, exchanges were limited, so those who had better access to foreign currencies used this as an opportunity and provided services to those who weren't.

Think about remittances. One side wants Bolivars because their family is sending them money to live. The official exchange rate is dictated by the country and is a flat out lie. It is an illegal transaction, but not an immoral one.

> Why would anyone swap your bolivar for bitcoin

Public money -> Venture Capitalist extracting fees -> FinTech startup middleman extracting fees -> Individual sheltering volatile currency

Public money loses everyone else wins. Wealth inequality expands.