Overview
- Intelligence-linked reports from Project Brazen’s Whale Hunting allege Venezuela accrued roughly 600,000–660,000 BTC worth $60–67 billion, but the claims remain unconfirmed by blockchain forensics.
- Public trackers attribute only about 240 BTC to Venezuelan government wallets, underscoring a large gap between on-chain data and human-sourced estimates.
- Court disclosures identify Alex Saab as a key architect of the alleged system and note he served as a DEA informant since 2016, increasing pressure for verification and tracing.
- U.S. authorities have not announced control of any large wallets, the location of private keys is unknown, and scenarios discussed include seizure, prolonged legal freezes, or long-term holding rather than rapid liquidation.
- Analysts say Bitcoin rallied into the mid-$90,000s as the story spread, and they warn that immobilizing a stash approaching 3% of circulating supply could tighten market liquidity, whereas a fire sale is viewed as unlikely given the Germany 2024 precedent.