Coinbase Co-Founder Seeks Control of Three Venezuelan Oil Blocks

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CFT concerns are growing as Coinbase co-founder Fred Ehrsam is reported to be seeking control of three oil blocks in Venezuela’s Orinoco Belt. The U.S. government is restructuring the country’s oil sector, targeting contracts from the Maduro era. Alvorada Heavy Industries Ltda currently operates the blocks. U.S. Energy Secretary Chris Wright is set to visit Caracas this week to present up to 17 oil and gas agreements. The move aligns with broader regulatory shifts, including MiCA, as global markets intensify oversight of energy and crypto-linked assets.

ChainThink reports that on September 2, according to Bloomberg, Coinbase co-founder Fred Ehrsam is seeking to gain control of at least three oil fields in Venezuela.

These oil fields are located in the Boca, Guico, and Guara blocks of the Orinoco Belt and are currently operated by Alvorada Heavy Industries Ltda.

The U.S. government is planning to reshape Venezuela's oil industry by replacing some operators from the Maduro era with investors closely tied to Trump's camp; U.S. officials are considering revoking existing operating contracts for these oil fields. The negotiations have not been made public, and sources familiar with the matter have requested anonymity.

U.S. Energy Secretary Chris Wright is expected to visit Caracas this week and plans to present up to 17 oil and gas agreements.

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