U.S. Custody of Maduro Stirs Talks About Hidden $60B Venezuelan Bitcoin Reserves

Bitcoin has become the focus of renewed market discussion following claims that Venezuela may control a vast, undisclosed cryptocurrency reserve

The allegations surfaced amid escalating geopolitical tensions after reports that Venezuelan leader Nicolás Maduro was taken into U.S. custody over the weekend.

Report Alleges Massive Undeclared Bitcoin Holdings

The renewed scrutiny stems from an investigative report published by The Whale Hunt. Specifically, the report claims that Venezuela may secretly hold Bitcoin valued between $60 billion and $67 billion.

This estimate contrasts with publicly available data. BitcoinTreasuries lists Venezuela’s known holdings at just 240 BTC, valued at about $23 million. Consequently, the substantial disparity between the two figures has fueled widespread speculation across cryptocurrency markets.

The report claims the alleged reserves were accumulated gradually over several years, with funds originating from oil revenues, gold reserves, and other state-controlled resources.

Moreover, these actions were reportedly motivated by the government’s efforts to operate outside U.S. financial restrictions. By shifting assets into cryptocurrency, Venezuela allegedly sought to bypass the traditional financial system.

Methods Allegedly Used to Convert and Store Funds

Expanding on these claims, The Whale Hunt outlines several mechanisms purportedly used to convert state wealth into digital assets. These include gold swap arrangements, oil transactions settled in Tether, and seizures from domestic cryptocurrency mining operations.

Furthermore, sources cited in the report indicate that the assets were ultimately consolidated into Bitcoin. Subsequently, they were retained for long-term holding rather than deployed in active circulation.

Alex Saab Named as Central Operator

A central figure in the report is Alex Saab, described as a longtime associate of Maduro and a key architect of Venezuela’s alleged crypto operations. The Whale Hunt claims that Saab managed the wallet infrastructure and controlled access to the private keys linked to the purported reserves.

Although Saab was extradited to the United States in 2021, he was released in a prisoner exchange in 2023. His release has renewed questions about whether he, or other regime figures, still retain control over the assets.

Historical Mining Activity Adds Context

Venezuela’s prior involvement in cryptocurrency mining adds further context to the allegations. CNBC reporter MacKenzie Sigalos has noted that the country has mined Bitcoin and Ethereum since 2017, linking the activity to the collapse of Venezuela’s national currency and the government’s shift toward alternative financial systems.

Despite the heightened speculation, Bitcoin’s price action has remained relatively steady. At the time of reporting, the cryptocurrency was trading at $93,613, up by 1.38% over the past 24 hours and 7.45% over the past week.