For years, Maduro and his inner circle systematically looted Venezuela—billions in oil revenue, gold reserves, and state assets—and, according to sources with direct knowledge of the operation, converted much of it into cryptocurrency.
The man who allegedly orchestrated that conversion, who built the shadow financial architecture that kept the regime alive under crushing sanctions, is not on that ship.
His name is Alex Saab.
And he may be the only person on Earth who knows how to access what sources estimate could be as much as $60 billion in Bitcoin—a figure that, if verified, would make the Maduro regime's hidden fortune one of the largest cryptocurrency holdings on the planet, rivaling MicroStrategy and potentially exceeding El Salvador's entire national reserve.
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Fantastic Frontline PBS documentary on the journalistic pursuit to understand and follow Alex Saab:
All in Spanish:
Trailer
Documentary
Updated apparently
Sounds like it could be one of those budget neutral bitcoin reserve situations waiting to happen.
If DOGE hadn't ended up costing more than it cut, they could've done 1:1 bitcoin purchases with those savings.
I haven't been following along with that story lol, I didn't know it actually cost more than it saved. I knew that there wasn't going to be any meaningful impact in spending, and that's when I checked out of that story.
That might be a premature assessment. More accurately, it has cost more than it saved so far. Perhaps there will be longer term savings that eventually outweigh the initial costs.
100%
Elon is gonna neuralink his brain to retrieve the seed phrase.
I wonder if Venezuela mixed thru Samarai and uploaded an xpub to the server that the US government seized?
Whether or not the numbers hold up it’s a reminder that crypto doesn’t eliminate trust problems, it often just concentrates them in new ways.