Russian to Liquidate $95 Million in Bitcoin
Russian authorities are preparing to liquidate more than 1,032 Bitcoins (BTC) worth nearly $95 million. The Bitcoins were seized from Marat Tambiev, a former investigator convicted of accepting cryptocurrency bribes from a notorious fraud organization.
The case marks a major cryptocurrency bribery scandal in Russia and highlights the growing use of digital assets in criminal activities.
$95 million worth of BTC floods the market, asset liquidation is underway
Tambiyev served as the chief investigator of Moscow’s Tver district Convicted in 2023 of receiving 1,032 BTC in frauda global hacker organization. In exchange, Tambiev allegedly protected the organization from asset seizure and facilitated its illegal activities.
Following a court order, authorities seized the bitcoins found on Tambiev’s computer. They also own a Ledger Nano X hardware wallet during a search of his Moscow apartment.
The value of this BTC reserve was approximately $28 million at the time, but has since grown to approximately $95 million based on current exchange rates.
In October 2023, the Nikulinsky Court in Moscow sentenced Mara Tambiyev to 16 years in a maximum-security penal colony and fined 500 million rubles (approximately $5.2 million). The court also stripped him of his military rank and banned him from holding government office for 12 years after his release.
Russia’s state-run news agency TASS reported that the country’s Ministry of Finance has begun transferring confiscated Bitcoins into state revenue. initial liquidation Involved selling approximately $10 million worth of BTC. However, legal challenges delayed the sale of the entire collection.
According to prosecutors, Marat Tambiev divided the bitcoins into smaller amounts. Therefore, this subdivision requires separate court approval to access and liquidate all assets. Authorities are also seeking other properties linked to Tambiev, including real estate, motorcycles and more cryptocurrency.
TASS said: “A source familiar with the case materials told TASS that prosecutors want to transfer the investigators’ properties to the state, including a Honda motorcycle, several properties in the Moscow region, and Bitcoin worth millions of rubles. currency.” report.
Prosecutors also suspect Tambiev transferred some assets to family members, adding another layer of complexity. Ongoing legal proceedings are complicating efforts by the Russian Treasury to sell Bitcoin.
Still, the move to liquidate such a significant asset Bitcoin Stash may affect the market. Specifically, if Russia decides to sell all 1,032.1 BTC, a supply shock could impact bitcoin price.
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