Maduro was "blitzed" by the United States, where will Venezuela's "legendary $60 billion Bitcoin" flow?
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Maduro was "blitzed" by the United States, where will Venezuela's "legendary $60 billion Bitcoin" flow?
Depending on whether the United States can successfully decrypt it from relevant parties through intelligence and legal means, the outcome will become a key precedent for future sanction games.
Navigating Web3 tides with focused insightsWritten by: Ye Huiwen
Source: Wall Street News
As Venezuela's political situation underwent a dramatic reversal within hours, global attention is rapidly shifting from geopolitical tremors to a financial puzzle of rare scale: what fate awaits the massive cryptocurrency 'shadow reserves' established to evade long-term sanctions.
According to CCTV News reports, in the early hours of January 3 local time, the United States launched a large-scale military operation against Venezuela. Venezuelan President Maduro and his wife have been captured by U.S. forces and taken out of the country. U.S. President Trump subsequently confirmed the operation at Mar-a-Lago, stating that the U.S. would "manage" Venezuela until a secure transition is implemented. He revealed that major U.S. oil companies would enter the country, investing tens of billions of dollars to repair infrastructure.
Beyond physical assets, the whereabouts of a massive digital fortune, allegedly accumulated through "gold swaps" and oil trade, have become a mystery. Citing sources familiar with the matter, media outlets including Whale Hunting report that Venezuela established a complex shadow financial network to circumvent sanctions, converting national resources including gold and oil into Bitcoin and Tether (USDT).
With the collapse of the Maduro government's inner circle, who holds the "private keys" to unlock this digital wealth has become one of Washington's most pressing concerns.
Estimates from some investigative sources suggest this figure could be as high as $60 billion. This vast sum is believed to have been accumulated over years through complex channels like gold swaps and oil trade. With the regime change, key figures holding the "private keys" to this wealth have come into focus, with Alex Saab, identified as the "architect" of this system, being particularly crucial. The disposition of these assets has escalated from a financial-technical issue into a complex game involving intelligence, law, and geopolitics.
The Digital Assets of a Shadow Financial Empire
Citing HUMINT (Human Intelligence) sources, Whale Hunting reports that the Venezuelan government may control Bitcoin valued at up to $60 billion. While this data hasn't been fully confirmed by on-chain blockchain analysis, the logic behind the estimate has drawn attention from financial intelligence circles.
The report indicates the fund accumulation began in 2018. At that time, Venezuela exported 73.2 tons of gold, worth approximately $2.7 billion. Sources told media that if a portion of these funds were converted when Bitcoin prices were low, between $3,000 and $10,000, and held until the 2021 peak of $69,000, the appreciation would be staggering.
If this estimate holds true, the scale of these assets would rival the holdings of MicroStrategy and even exceed El Salvador's national reserves.
Beyond Bitcoin, stablecoins also played a significant role in the country's capital flows. According to Zerohedge, as sanctions tightened, Venezuela's state oil company PDVSA began requiring intermediaries to use Tether (USDT) to settle oil cargoes. By December 2025, an estimated 80% of the country's oil revenue was reportedly received in USDT. Although Tether has frozen some associated wallets, this may only be the tip of the iceberg.
Gold Swaps and Crypto Channels
To achieve covert asset transfers, involved parties established a complex channel spanning Turkey, the UAE, and other locations.
According to sources familiar with the operation who described it to media, the process typically began with gold mining and export from Venezuela. The gold was shipped to Turkey and the UAE for refining and sale. The proceeds were not directly repatriated but were converted into cryptocurrency via Over-The-Counter (OTC) brokers. Subsequently, these funds would be processed through "mixers" to obscure their origin before finally being deposited into cold wallets.
Specific individuals played key roles in this process. Media mentions a figure named David Nicolas Rubio Gonzalez, who allegedly acted as a courier coordinating the physical transport of gold. Although he was placed on the U.S. Treasury's sanctions list as early as 2019, he hasn't faced criminal prosecution, sparking speculation about whether he has reached some form of cooperation with U.S. authorities. Insiders believe such intermediaries, who possess specific details of fund flows, might know the ultimate destination of this massive fortune.
The Role of Key Figure Alex Saab
Within this financial architecture, Alex Saab is widely regarded as a central figure. According to Bloomberg, Alex Saab was appointed by Maduro in January 2024 as head of Venezuela's International Investment Center. From Washington's perspective, he is the "architect" who built this shadow financial system.
Previously disclosed court documents reveal a complex relationship between Alex Saab and U.S. law enforcement; he had been providing information as an informant for the U.S. Drug Enforcement Administration (DEA) since 2016. With Maduro's capture, Alex Saab has once again become a focal point for all parties. Former Venezuelan prosecutor Zair Mundaray stated in a media interview that Alex Saab gained trust due to his lack of ties to traditional political factions, effectively acting as a "guarantor" of the assets.
The current suspense lies in the fact that control over the private keys for these cold wallets likely doesn't rest with a single individual. Sources reveal there may be a multi-signature mechanism, designed by Swiss lawyers, dispersing the keys among several trusted individuals in different jurisdictions to ensure asset security. With the physical isolation of the regime's core, it remains unknown whether these crypto assets will be permanently sealed like many "dormant" Bitcoin whale addresses, or if they will be recovered by U.S. authorities through legal and intelligence means.
Market Reactions in Crude Oil and Gold
Returning to traditional financial markets, investors are assessing the economic impact following the U.S. "takeover" of Venezuela.
Phil Flynn, Senior Market Analyst at Price Futures Group, points out that although Venezuela possesses a staggering 303 billion barrels of crude oil reserves, its actual daily production has shrunk to about 1 million barrels, accounting for only 0.8% of global output. Therefore, even short-term supply disruptions would have a fairly limited direct upward push on global oil prices. Flynn believes the market reaction is more psychological, and Venezuela's oil share could easily be filled by other producing countries.
Regarding gold, Venezuela's 2024 gold production was approximately 31 tons, not a prominent share globally. Analysis suggests that in the short term, the settling of dust from the military action may limit gold's safe-haven price gains. However, if subsequent U.S. military involvement in the region triggers broader geopolitical games, it could provide medium-term support for gold prices.
Trump has clearly stated his intention to have major U.S. oil companies invest tens of billions of dollars to repair Venezuela's dilapidated infrastructure. This means the future trading logic for the market will shift from fears of "supply disruption" to expectations regarding the speed of Venezuela's production capacity recovery and the return of U.S. energy giants to its market.
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