Russia Plans to Sell 1,032 Bitcoin Seized from Bribery Case: What It Means for the Market

The post Russia Plans to Sell 1,032 Bitcoin Seized from Bribery Case: What It Means for the Market appeared first on Coinpedia Fintech News

In a latest development, Russia is preparing to sell over 1,032 Bitcoin, worth around $95 million. Notably, the Bitcoin was seized from Marat Tambiev, a former investigator convicted of accepting cryptocurrency bribes from the notorious Infraud Organization.

The Largest Bribery Case In Russia

Tambiev, who once served as the chief investigator in Moscow’s Tver District, was found guilty in 2023 of taking 1,032 BTC as a bribe from Infraud, a global hacking group. In exchange, Tambiev allegedly shielded the group from asset confiscation and facilitated their illicit activities.

Notably, the case has been described as the largest bribery case in the history of Russia, according to the local news agency RBC, highlighting the rising use of digital assets in criminal activities.

After a court order, authorities seized the Bitcoin found on Tambiev’s computer, along with a Ledger Nano X hardware wallet from his Moscow apartment. At the time, the Bitcoin was valued at around $28 million, but its worth has since increased to a whopping $95 million. 

In October 2023, the Nikulinsky Court in Moscow sentenced Marat Tambiev to 16 years in a high-security prison and imposed a fine of 500 million rubles (about $5.2 million). The court also revoked his rank and prohibited him from holding any government roles for 12 years after his release.

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Legal Challenges Complicating The Matter

According to TASS, a Russian state-run news agency, the country’s treasury has started transferring the confiscated Bitcoin to state revenue. The initial liquidation involves selling BTC worth approximately $10 million. However, legal challenges have delayed the sale of the entire stash.

However, the prosecutors’ efforts to sell off the entire Bitcoin haul have been complicated by legal obstacles and indications that Tambiev may have passed some assets to family members.

Prosecutors claim that Marat Tambiev had split the Bitcoin into smaller portions, meaning each part requires individual court approval to access and sell. Authorities are also investigating other assets tied to Tambiev, such as real estate, a motorcycle, and additional cryptocurrency.

What is concerning is that this move of selling such a large amount of Bitcoin could affect the market. If Russia sells all 1,032.1 BTC, it might cause a supply shock that impacts Bitcoin’s price.