· 供应链分析
关于60万美元（注：原文$600k在此语境下疑为笔误，结合后文应指60万枚BTC）数据的来源： - 威尔逊中心(The Wilson Center)和路透社(Reuters)的历史数据证实，马杜罗政权在2018年清算了约73吨黄金，当时价值约27亿美元。 - Whale Hunting的情报报告（引用HUMINT来源）评估，这批黄金资本立即被转换为比特币以逃避美国财政部冻结。基于2018年的交易价格（3000美元–10000美元），这一特定部分约占40万枚BTC。 - 剩余余额（使总估计值接近60万+ BTC）归因于石油收入。截至2025年底，报告显示该政权约80%的石油出口以USDT（Tether）结算，并将这些资金“清洗”为比特币以避免冻结。 这是推测的金额，因为马杜罗的比特币数据被刻意隐藏以避免制裁。链上数据无法确认这一点，因为这正是为了规避美国制裁。
Regarding sources for the $600k figure: - Historical data from The Wilson Center and Reuters confirms the Maduro regime liquidated ~73 tons of gold in 2018, valued at approximately $2.7 billion at the time. - Intelligence reporting from Whale Hunting (citing HUMINT sources) assesses that this gold capital was immediately converted into Bitcoin to evade US Treasury freezes. Based on 2018 trading prices ($3k–$10k), this specific tranche would account for roughly 400,000 BTC. - The remaining balance (pushing the total estimate toward 600,000+ BTC) is attributed to oil revenues. By late 2025, reports indicate the regime settled ~80% of oil exports in USDT (Tether) and "washed" these funds into Bitcoin to avoid freezing. This is the speculated amount since Maduro's Bitcoin figures were actively being hidden to avoid sactions. On-chain data cannot confirm this as again, this was done to avoid US sanctions.