US Authorities Face Questions Over Bitcoin Holdings as Venezuela Reserve Claims Surface

DOJ Bitcoin Sale Raises Compliance Questions

The U.S. Marshals Service appears to have sold approximately $6.3 million worth of bitcoin forfeited by Samourai Wallet developers Keonne Rodriguez and William Lonergan Hill, potentially violating Executive Order 14233, which mandates that bitcoin acquired through criminal or civil asset forfeiture proceedings should be held as part of the United States' Strategic Bitcoin Reserve ^[2].

According to an asset liquidation agreement obtained by Bitcoin Magazine, the defendants agreed to transfer 57.55353033 bitcoin to the USMS on November 3, 2025 ^[2]. The bitcoin appears to have been sent directly to a Coinbase Prime address, which currently shows a zero balance, suggesting the assets may have already been liquidated ^[2].

Executive Order 14233 explicitly states that bitcoin acquired by the U.S. government via criminal forfeiture "shall not be sold" and should be contributed to the Strategic Bitcoin Reserve ^[2]. The forfeiture occurred under 18 U.S. Code § 982(a)(1), which addresses violations of operating unlicensed money transmitting businesses ^[2].

Pattern of Independent Action by SDNY

The Southern District of New York, sometimes referred to as the "Sovereign District of New York," has earned a reputation for operating independently within the federal system ^[2]. The jurisdiction proceeded with cases against Rodriguez, Hill, and Tornado Cash developer Roman Storm despite a memo from Deputy Attorney General Todd Blanche on April 7, 2025, stating that the Department of Justice would "no longer target virtual currency exchanges, mixing and tumbling services, and offline wallets for the acts of their end users" ^[2].

The prosecution also continued despite a Brady request revealing that two high-ranking members of FinCEN "strongly suggested" that Samourai Wallet wasn't serving as a money transmitter due to the noncustodial nature of the service ^[2].

Unverified Claims About Venezuelan Bitcoin Holdings

Separately, following the January 3 arrest of Venezuelan President Nicolás Maduro by U.S. forces, speculation has emerged about a potential "secret bitcoin reserve" held by the Venezuelan government ^[1]. Analysts citing informants claim the Maduro regime may have accumulated between 600,000 and 660,000 BTC, worth approximately $56 billion to $67 billion at current prices ^[1].

The alleged accumulation would have occurred through three main channels: conversion of approximately 73 tons of gold exported between 2018 and 2020 into roughly 400,000 bitcoin; conversion of oil revenue initially held in USDT into bitcoin worth up to $15 billion; and confiscation of bitcoin worth about $500 million between 2023 and 2024 ^[1].

If verified, this would make Venezuela the world's fourth-largest bitcoin holder, controlling approximately 3% of the total bitcoin supply ^[1]. However, these claims have not been supported by on-chain analysis, and alternative data suggests Venezuela held only 240 BTC worth approximately $22.6 million as of late 2022 ^[1].

Key Figure in Venezuelan Network

Alex Saab, Venezuela's Minister for Industry and National Production, allegedly managed the wallets containing these bitcoin reserves ^[1]. Reports indicate Saab not only built Maduro's shadow financial empire but also served as an informant for the U.S. Drug Enforcement Administration since 2016 ^[1]. His cooperation with U.S. authorities could potentially provide access to the digital assets, if they exist ^[1].

Implications and Uncertainties

The handling of both situations remains unclear. President Trump recently stated he is considering a pardon for Rodriguez ^[2]. Regarding the Venezuelan bitcoin, possibilities range from lengthy legal custody by the U.S. Department of Justice to integration into the U.S. Strategic Bitcoin Reserve, which would triple America's bitcoin holdings, or potentially remaining in Venezuelan control to benefit the population ^[1].

The Venezuelan opposition, led by Nobel Peace Prize laureate María Corina Machado, has recognized bitcoin's potential to address the country's economic problems ^[1]. However, any resolution would likely require approval from the Trump administration ^[1].