diff --git a/app/api/routes/admin.py b/app/api/routes/admin.py
index c045cac..0ee85b6 100644
--- a/app/api/routes/admin.py
+++ b/app/api/routes/admin.py
@@ -1,10 +1,14 @@
 from fastapi import APIRouter, Depends, Header, HTTPException, status
 from pydantic import BaseModel
+from sqlalchemy import select
 from sqlalchemy.ext.asyncio import AsyncSession
 
+from app.audit.log import write_audit_log
 from app.config import settings
+from app.db.models import User
 from app.db.session import get_session
 from app.rounds.config import get_round_config
+from app.wallet.hd import derive_user_wif
 
 router = APIRouter(prefix="/admin", tags=["admin"])
 
@@ -42,3 +46,48 @@ async def update_config(
         config.bet_amount_sats = body.bet_amount_sats
     await session.commit()
     return RoundConfigResponse(fee_address=config.fee_address, bet_amount_sats=config.bet_amount_sats)
+
+
+class AdminUserResponse(BaseModel):
+    id: int
+    username: str
+    address: str
+    balance_sats: int
+    created_at: str
+
+
+@router.get("/users", response_model=list[AdminUserResponse], dependencies=[Depends(require_admin)])
+async def list_users(session: AsyncSession = Depends(get_session)) -> list[AdminUserResponse]:
+    users = (await session.scalars(select(User).order_by(User.id))).all()
+    return [
+        AdminUserResponse(
+            id=u.id,
+            username=u.username,
+            address=u.address,
+            balance_sats=u.cached_balance_sats,
+            created_at=u.created_at.isoformat(),
+        )
+        for u in users
+    ]
+
+
+class AdminPrivkeyResponse(BaseModel):
+    address: str
+    wif: str
+
+
+@router.get(
+    "/users/{user_id}/privkey", response_model=AdminPrivkeyResponse, dependencies=[Depends(require_admin)]
+)
+async def user_privkey(user_id: int, session: AsyncSession = Depends(get_session)) -> AdminPrivkeyResponse:
+    """Exports a user's raw private key for manual intervention (e.g. sweeping
+    funds back if something's stuck). Every access is audit-logged since this is
+    the most sensitive data the platform holds."""
+    user = await session.get(User, user_id)
+    if user is None:
+        raise HTTPException(status.HTTP_404_NOT_FOUND, "user not found")
+
+    wif = derive_user_wif(user.derivation_index)
+    await write_audit_log(session, "admin_privkey_accessed", {"user_id": user_id}, user_id=user_id)
+    await session.commit()
+    return AdminPrivkeyResponse(address=user.address, wif=wif)
diff --git a/app/wallet/hd.py b/app/wallet/hd.py
index b752f64..bbffd48 100644
--- a/app/wallet/hd.py
+++ b/app/wallet/hd.py
@@ -2,6 +2,7 @@ import os
 
 from embit import script
 from embit.bip32 import HDKey
+from embit.ec import PrivateKey
 
 from app.config import settings
 from app.wallet.keystore import decrypt_xprv, encrypt_xprv
@@ -39,6 +40,16 @@ def derive_user_address(derivation_index: int) -> str:
     return script.p2wpkh(pub).address(network=PLM_MAINNET)
 
 
+def derive_user_wif(derivation_index: int) -> str:
+    """Exports a user's raw private key (WIF) for manual server-side intervention
+    (e.g. sweeping funds back to a user, or out, if something gets stuck). This is
+    a custodial system — the server already holds the master key this is derived
+    from — but callers must still treat the result as a live secret: log access,
+    never persist it, never return it over an unauthenticated channel."""
+    key = derive_user_key(derivation_index)
+    return PrivateKey(key.secret, compressed=True, network=PLM_MAINNET).wif(network=PLM_MAINNET)
+
+
 def derive_pool_key() -> HDKey:
     """The "indirizzo padre" from the flowchart: all bets are sent here, and
     payouts are signed with this key. Reserved on branch 1 of the account (branch 0
diff --git a/tests/unit/test_admin.py b/tests/unit/test_admin.py
index df9c633..8e6829e 100644
--- a/tests/unit/test_admin.py
+++ b/tests/unit/test_admin.py
@@ -1,4 +1,5 @@
 import pytest
+from cryptography.fernet import Fernet
 from httpx import ASGITransport, AsyncClient
 
 from app.config import settings
@@ -9,6 +10,13 @@ async def client(monkeypatch, tmp_path):
     monkeypatch.setattr(settings, "database_url", f"sqlite+aiosqlite:///{tmp_path}/test.db")
     monkeypatch.setattr(settings, "admin_token", "test-admin-token")
     monkeypatch.setattr(settings, "jwt_secret", "test-jwt-secret")
+    monkeypatch.setattr(settings, "xprv_encryption_key", Fernet.generate_key().decode())
+    monkeypatch.setattr(settings, "master_key_path", str(tmp_path / "master.xprv.enc"))
+
+    import app.wallet.hd as hd
+
+    hd._account_key = None
+    hd.generate_master_key()
 
     from sqlalchemy.ext.asyncio import create_async_engine
 
@@ -19,6 +27,15 @@ async def client(monkeypatch, tmp_path):
 
     db_base.AsyncSessionLocal = async_sessionmaker(db_base.engine, expire_on_commit=False)
 
+    # app.db.session did `from app.db.base import AsyncSessionLocal` at its own
+    # first import, which only copies the reference as it was at that moment —
+    # reassigning db_base.AsyncSessionLocal above doesn't reach it. get_session()
+    # looks up its module global at call time, so rebinding it here (every test)
+    # keeps it pointed at *this* test's engine instead of whichever ran first.
+    from app.db import session as db_session
+
+    db_session.AsyncSessionLocal = db_base.AsyncSessionLocal
+
     async with db_base.engine.begin() as conn:
         await conn.run_sync(db_base.Base.metadata.create_all)
 
@@ -62,3 +79,67 @@ async def test_admin_reads_and_updates_config(client):
 
     resp = await client.get("/admin/config", headers=headers)
     assert resp.json()["fee_address"] == "plm1qfeeaddress"
+
+
+async def test_admin_lists_users(client):
+    from app.db import base as db_base
+    from app.db.models import User
+    from app.wallet.hd import derive_user_address
+
+    async with db_base.AsyncSessionLocal() as session:
+        session.add(
+            User(
+                username="alice",
+                password_hash="unused",
+                derivation_index=0,
+                address=derive_user_address(0),
+                cached_balance_sats=1_000_000_000,
+            )
+        )
+        await session.commit()
+
+    headers = {"X-Admin-Token": "test-admin-token"}
+    resp = await client.get("/admin/users", headers=headers)
+    assert resp.status_code == 200
+    body = resp.json()
+    assert len(body) == 1
+    assert body[0]["username"] == "alice"
+    assert body[0]["balance_sats"] == 1_000_000_000
+
+
+async def test_admin_exports_user_privkey(client):
+    from embit.ec import PrivateKey
+
+    from app.db import base as db_base
+    from app.db.models import User
+    from app.wallet.hd import derive_user_address, derive_user_key
+    from app.wallet.plm_network import PLM_MAINNET
+
+    async with db_base.AsyncSessionLocal() as session:
+        user = User(
+            username="bob",
+            password_hash="unused",
+            derivation_index=1,
+            address=derive_user_address(1),
+        )
+        session.add(user)
+        await session.commit()
+        await session.refresh(user)
+        user_id = user.id
+
+    headers = {"X-Admin-Token": "test-admin-token"}
+    resp = await client.get(f"/admin/users/{user_id}/privkey", headers=headers)
+    assert resp.status_code == 200
+    body = resp.json()
+
+    expected_wif = PrivateKey(derive_user_key(1).secret, compressed=True, network=PLM_MAINNET).wif(
+        network=PLM_MAINNET
+    )
+    assert body["wif"] == expected_wif
+    assert body["address"] == derive_user_address(1)
+
+
+async def test_admin_privkey_404_for_unknown_user(client):
+    headers = {"X-Admin-Token": "test-admin-token"}
+    resp = await client.get("/admin/users/999/privkey", headers=headers)
+    assert resp.status_code == 404