As the political upheaval in Venezuela unfolds rapidly, Maduro has been detained by U.S. forces, and the shadow reserves of Bitcoin worth up to $60 billion have become a mystery. These crypto assets accumulated through gold swaps and oil trades—who actually controls them? Who holds the key private keys? This article is adapted from Wallstreet Jiwen’s “Maduro’s ‘Lightning Strike’ by the U.S., Where Will Venezuela’s ‘Legendary $60 Billion Bitcoin’ Flow?” reorganized by律動.

(Background summary: Data: Predictive market ‘spoiled’ Maduro’s fall with $10 million in advance)

(Additional background: U.S. lawmakers propose legislation to ban civil servants from insider trading in prediction markets! Polymarket suspected of leaks and planning to arrest Maduro)

Table of Contents

• Digital Assets of the Shadow Financial Empire
• Gold Swaps and Crypto Channels
• Key Figure Alex Saab’s Role
• Market Reactions to Oil and Gold

Within hours, the political situation in Venezuela has dramatically shifted, drawing global attention from geopolitical tremors to an unprecedented financial puzzle: what fate awaits the massive crypto “shadow reserves” built to evade long-term sanctions?

According to CCTV News, early morning on January 3 local time, the U.S. launched a large-scale military operation against Venezuela, and President Maduro and his wife were detained and taken out of the country. President Trump confirmed this action at Mar-a-Lago, claiming the U.S. would “manage” Venezuela until a secure transition, and revealed that major U.S. oil companies would enter the country, investing billions of dollars to repair infrastructure.

Beyond physical assets, the destination of a huge digital asset stash, allegedly accumulated through “gold swaps” and oil trades, remains a mystery. Media outlets like Whale Hunting, citing informed sources, report that Venezuela has established a complex shadow financial network to evade sanctions, converting national resources including gold and oil into Bitcoin and Tether (USDT).

As the core circle of Maduro’s government disintegrates, who holds the “private key” to unlock this digital wealth has become one of Washington’s most pressing concerns.

Some estimates suggest this figure could reach as high as $60 billion. This massive sum is believed to have been accumulated over years through complex channels like gold swaps and oil trades. With regime change, the key figures controlling this wealth’s “private key” are under scrutiny, especially Alex Saab, regarded as the “architect” of this system. The fate of these assets has escalated from a technical financial issue to a complex game involving intelligence, law, and geopolitics.

Digital Assets of the Shadow Financial Empire

According to Whale Hunting citing HUMINT (Human Intelligence) sources, the Venezuelan government may control Bitcoin valued at up to $60 billion. While this data has not been fully confirmed by on-chain blockchain analysis, the underlying reasoning has attracted the attention of financial intelligence circles.

The report indicates that the accumulation began in 2018. At that time, Venezuela exported 73.2 tons of gold, worth about $2.7 billion. Insiders told media that if part of the funds were converted into Bitcoin when prices were between $3,000 and $10,000, and held until the 2021 high of $69,000, the appreciation would be staggering.

If this estimate is accurate, the scale of these assets could rival MicroStrategy’s holdings or even surpass El Salvador’s national reserves.

In addition to Bitcoin, stablecoins also play a significant role in the country’s fund flows. According to Zerohedge, as sanctions tighten, Venezuela’s state oil company (PDVSA) has begun requiring intermediaries to settle oil transactions in Tether (USDT). By December 2025, about 80% of the country’s oil revenue is reportedly received in USDT. Although Tether has frozen some related wallets, this may only be the tip of the iceberg.

( Gold Swaps and Crypto Channels

To facilitate covert asset transfers, a complex channel spanning Turkey, the UAE, and other regions has been established.

Sources familiar with the operation describe that the process typically begins with Venezuela’s gold mining and exports. The gold is transported to Turkey and the UAE for refining and sale. The proceeds are not directly remitted back but are converted into cryptocurrencies through OTC brokers. These funds are then processed through “mixers” to obscure their origin and ultimately stored in cold wallets.

Key figures play crucial roles in this process. Media mention a person named David Nicolas Rubio Gonzalez, reportedly acting as a courier responsible for coordinating the physical transport of gold. Although he was sanctioned by the U.S. Treasury as early as 2019, he has not faced criminal charges, sparking speculation about whether he has reached some form of cooperation with U.S. authorities. Insiders believe that intermediaries who understand the specific flow of funds may know the ultimate destination of this massive wealth.

) Key Figure Alex Saab’s Role

In this financial architecture, Alex Saab is widely regarded as a central figure. According to Bloomberg, Alex Saab was appointed in January 2024 as head of Venezuela’s International Investment Center by Maduro. From Washington’s perspective, he is the “architect” behind this shadow financial system.

Previously disclosed court documents show that Alex Saab has a complex relationship with U.S. law enforcement; he has served as an informant for the DEA since 2016. With Maduro’s arrest, Saab again became a focus of attention. Former Venezuelan prosecutor Zair Mundaray told media that Saab, lacking traditional political ties, gained trust and effectively acted as a “guarantor” of the assets.

Currently, the concern is that the control of these cold wallet private keys may not rest with a single individual. Sources suggest a multi-signature mechanism designed by Swiss lawyers might be in place, dispersing keys among trusted persons across different jurisdictions to ensure security. With the physical separation of regime core figures, whether these encrypted assets will remain permanently dormant like many “sleeping” Bitcoin whale addresses or be recovered by the U.S. through legal and intelligence means remains uncertain.

Market Reactions to Oil and Gold

Returning to traditional financial markets, investors are assessing the economic impact of the U.S. “takeover” of Venezuela.

Phil Flynn, senior market analyst at Price Futures Group, notes that despite Venezuela’s staggering proven oil reserves of 3,030 billion barrels, its actual daily production has shrunk to about 1 million barrels, only 0.8% of global output. Therefore, even a short-term supply disruption would have limited direct impact on global oil prices. Flynn believes the market’s reaction is more psychological, and Venezuela’s oil share can be easily filled by other producers.

Regarding gold, Venezuela’s 2024 gold production is about 31 tons, which is not prominent globally. Analysts suggest that in the short term, the dust settling from military actions may limit safe-haven gains in gold; however, if subsequent U.S. military interventions in the region trigger broader geopolitical conflicts, gold prices could find medium-term support.

Trump has explicitly stated that major U.S. oil companies will invest billions of dollars to repair Venezuela’s dilapidated infrastructure. This indicates that future market logic will shift from “supply disruption” fears to expectations of Venezuela’s capacity recovery and the return of U.S. energy giants to the country.