Indeed, any sane setup would involve multisig, or potentially a trusted clandestine custodian. 

It probably doesn’t matter. Will he have to pay an enormous sum for his release?

brent

Sure, if Venezuela really has any Bitcoin, and if by "Venezuela" we mean "Maduro specifically," and if by "having Bitcoin" we mean he has the keys memorized in his head...

But other than that frenzied speculation, what reason is there to think the USA gained access to Venezuela's hypothetical hardware wallet? Large entities with Bitcoin reserves, whether corporations or governments, are almost never solely reliant on 1 guy having the keys.

bitcoin

600,000 BTC: Inside Venezuela's Secret Shadow Reserve

BitcoinNews

Sure, if Venezuela really has any Bitcoin, and if by "Venezuela" we mean "Maduro specifically," and if by "having Bitcoin" we mean he has the keys memorized in his head... 

But other than that frenzied speculation, what reason is there to think the USA gained access to Venezuela's hypothetical hardware wallet? Large entities with Bitcoin reserves, whether corporations or governments, are almost never solely reliant on 1 guy having the keys.