The vanished $60 billion Bitcoin: Who is Alex Saab, the one who controls Venezuela's crypto black gold, after Maduro's arrest?

U.S. military recently raided and arrested Venezuelan President Maduro; however, the whereabouts of a Bitcoin worth up to 60 billion USD, generated from national gold and oil revenues, remain unknown. Zerohedge reports that the person who truly controls the private keys is suspected to be the mysterious figure “Alex Saab,” who has simultaneously laundered money for Maduro and provided intelligence to the U.S. Drug Enforcement Administration (DEA).

Night of the Raid: Maduro is Detained, but What About the Illegal Funds Behind It?

U.S. Delta Force stormed the residence, dragging Nicolás Maduro and his wife out of their bedroom and onto the USS Iwo Jima, preparing to face drug and weapons charges in Manhattan. Meanwhile, as Washington celebrates this dramatic military victory, the world begins to focus on another question: where is Maduro’s money?

For years, the Venezuelan regime has drained the national treasury, enriching itself through the sale of gold and oil assets, and converting most of the funds into hard-to-trace cryptocurrencies. Now that Maduro is in custody, the person holding the wallet seems to be nowhere on that military ship. This person is called “Alex Saab.”

(Just Raided Venezuela! Trump is also considering military action against Colombia, Mexico, and Cuba)

Alex Saab, Maduro’s Financial Handler and U.S. Secret Informant

Whether viewed from the official Venezuelan stance or from Washington’s perspective, Alex Saab is seen as a patriot or escapee resisting U.S. sanctions. However, the truth is more complex: Saab is an informant for the U.S. DEA, and the two sides have even signed a cooperation agreement.

In other words, Saab has been building a financial network that crosses Turkey, the UAE, and Iran to evade U.S. sanctions, while also meeting with U.S. officials multiple times to provide critical intelligence. His roles could be that of a businessman, a white glove, a spy, or a behind-the-scenes banker controlling the financial lifelines of the regime.

Using intermediaries in Turkey and the United Arab Emirates, he converts gold profits into cryptocurrencies, then employs mixers and cold wallets to transfer assets, removing them from Western law enforcement jurisdiction.

After Maduro’s arrest, Saab’s importance has increased even more. Since he might be the only person who knows the destination of the Bitcoin or even the private keys, will he come forward to cooperate with the U.S., or disappear with the wealth? It remains unknown.

How Venezuela Bypassed Western Sanctions Through Gold-to-Bitcoin Channels

The scale of 60 billion USD in Bitcoin is not fabricated. Going back to 2018, when Venezuela’s economy collapsed and cash was scarce, Maduro’s regime began selling off gold reserves on a large scale. Data reveals that in that year, exports reached 73.2 tons, worth about 2.7 billion USD.

Much of the gold was officially exported by the state-owned company Minerven but secretly transported to Turkey, Dubai, and Iran via OTC sales. Intermediaries, including Saab, were responsible for converting gold profits into cryptocurrencies, then using mixers and cold wallets to transfer assets, escaping Western sanctions.

At that time, Bitcoin prices ranged from 3,000 to 10,000 USD. If Maduro’s regime had held onto Bitcoin until the 2021 peak, the returns could have been dozens of times higher.

PDVSA Scandal: Over 20 Billion USD in Oil Revenue Moved On-Chain

Besides gold, after 2020, Venezuela’s state oil company PDVSA promoted “USDT settlements,” requiring oil buyers to pay in USDT. Large amounts of oil revenue flowed out via OTC wallets instead of entering the national treasury. After the PDVSA scandal was exposed, it was discovered that over 20 billion USD in oil proceeds had been secretly transferred on-chain.

By the end of 2025, 80% of Venezuela’s oil income was received in USDT. Even though Tether has blocked some addresses, the traceable amount is only the tip of the iceberg.

(Venezuela terminates Petro in scandal(Pedro): A Failed National Cryptocurrency)

Who Holds the Private Keys? After Regime Collapse, Does the 60 Billion USD Bitcoin Disappear?

With Maduro’s arrest, the U.S. aims to showcase its military strength and dominance. But the biggest issue is recovering the drifting 60 billion USD in Bitcoin assets. The reality is, without the private keys, there are no assets. Even if the focus shifts to intermediaries like Alex Saab, the truth remains uncertain.

In the future, this money could be seized as criminal proceeds like the “Silk Road” assets, or taken by remnants of Maduro’s regime, or forever sealed in wallets that no one can open.

This article “Disappearing 60 Billion USD in Bitcoin: Who Is Alex Saab, Mastermind of Venezuela’s Crypto Black Gold After Maduro’s Arrest?” first appeared on Chain News ABMedia.