Sources allege the stash was accumulated through sanctions-evasion tactics and managed by Maduro ally Alex Saab, who may still control access to the private keys.
Bitcoin may have entered a new arc after former Venezuelan president Nicolás Maduro was taken into US custody over the weekend. As geopolitical tensions rise between the US and Venezuela, speculators are turning their attention to rumors of a secret state-controlled Bitcoin stash.
A new report from The Whale Hunt suggests that Venezuela may control a hidden Bitcoin stockpile worth as much as $60 to $67 billion, dramatically higher than the 240 BTC (roughly $23 million) currently listed on BitcoinTreasuries data.
The report claims these off-the-books assets were systematically accumulated by Maduro’s inner circle over years of looting Venezuela’s oil revenue, gold reserves, and state wealth.
According to sources with direct knowledge of the operation, these assets were converted into crypto to bypass US sanctions. The conversion process allegedly relied on mechanisms such as gold swaps, oil-for-USDT settlements, and seizures from domestic mining operations, with the funds later moved into Bitcoin for long-term storage.
The report cites Alex Saab as a key figure in the operation, a longtime Maduro associate widely regarded as the architect of Venezuela’s crypto finance network. Saab is believed to have managed the wallet infrastructure and held access to the private keys associated with the alleged reserves.
Although he was extradited to the US in 2021, Saab was later released in a 2023 prisoner swap, raising renewed questions over whether he or other regime loyalists still retain access to the assets.
Adding to the speculation, CNBC reporter MacKenzie Sigalos appeared on air Monday, noting that Venezuela has been mining Bitcoin and Ethereum since 2017 amid the collapse of its national currency.
She cited reports of the government using oil revenue to acquire Tether, later converting it to BTC. “Even the possibility that the US might seize and hold these assets is a bull case for Bitcoin,” she said.
