US officials are taking a closer look at assets linked to the Nicolás Maduro regime in Venezuela, specifically focusing on digital assets. Patrick Witt, who serves as the Executive Director of the President’s Council of Advisors for Digital Assets, indicated that multiple national security teams are currently involved, although specifics on any ongoing actions were not disclosed.
The inquiry into these assets is a response to Maduro’s recent capture, which has ignited discussions about potential cryptocurrency holdings associated with his regime. Discussions are centered around how the Maduro regime was financed and which assets—whether in the oil sector, physical commodities, or digital currencies—might be relevant.
Insights from Whale Hunting, a newsletter from Project Brazen, suggest that the Venezuelan government, under Maduro, could possess a vast Bitcoin cache, which may have a worth of up to $60 billion. This alleged accumulation could stem from gold sales, oil-for-crypto deals, and the expropriation of domestic mining operations, with a key figure reportedly being Maduro ally Alex Saab, who is believed to have managed these assets.
Contrasting this, publicly available data from BitcoinTreasuries.NET indicates that Venezuela holds only approximately 240 Bitcoin, valued around $21 million. Leading blockchain analytics companies such as Nansen and Chainalysis have questioned the claims of extensive state holdings, highlighting a lack of on-chain evidence that confirms such significant reserves exist.