Russia to Sell $95 Million Worth of Bitcoin Amid Infraud Hacker Group Fallout

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Approximately 1,032 Bitcoins, worth around $95 million, are set to be confiscated by Russian authorities. These Bitcoins were previously owned by Marat Tambiev, a former investigator who was convicted for taking cryptocurrency bribes from the Infraud Organization.

As an analyst, I find myself examining a significant instance where digital currencies were exploited for corrupt purposes within the Russian context, underscoring the increasing propensity for criminal enterprises to leverage these innovative technologies.

$95 Million Worth BTC To Flood Market with Asset Liquidation Underway

Previously holding the position of the lead investigator in Moscow’s Tver District, Tambiev was convicted in the year 2023 for accepting a bribe totaling 1,032 BTC from Infraud, an international hacking organization. In return for this illicit payment, it is claimed that Tambiev protected the group from having their assets seized and assisted them in carrying out their unlawful activities.

In compliance with a court ruling, the authorities seized the Bitcoins found in Tambiev’s computer and additionally obtained a Ledger Nano X hardware wallet during a search at his apartment in Moscow.

At the given moment, the worth of the BTC hoard was roughly $28 million. However, due to recent rate fluctuations, its value has now increased to about $95 million.

In October 2023, the Nikulinsky Court in Moscow found Marat Tambiev guilty and imposed a sentence of 16 years in a high-security prison and a fine of approximately $5.2 million (equivalent to 500 million rubles). Additionally, he will lose his rank and won’t be eligible for government positions for 12 years after his release.

As reported by TASS, a Russian government-controlled news outlet, the nation’s treasury has commenced moving the seized Bitcoins into the state’s revenue. The preliminary liquidation process entails selling off Bitcoin valued at approximately $10 million. Nevertheless, legal hurdles have caused a delay in disposing of the entire cache.

As a researcher delving into this intriguing case, I’ve discovered that Marat Tambiev is alleged to have fragmented his Bitcoin holdings into smaller units. This division necessitates individual court authorizations for access and liquidation of all related assets. Beyond the digital currency, law enforcement is actively tracing additional assets attributed to Tambiev, such as real estate, a motorcycle, and further cryptocurrencies.

According to a source who has access to the case details, the authorities aiming to seize assets from the investigation include a Honda motorcycle, multiple properties in the Moscow area, and millions of Russian Rubles’ worth of Bitcoins, as reported by TASS.

Investigators believe Tambiev may have moved certain possessions to relatives, making the situation more intricate. This complication has been a challenge for the Russian Treasury in their attempt to dispose of Bitcoin through ongoing transactions.

Despite this, the decision to cash out such a substantial amount of Bitcoins might sway the market. In particular, should Russia opt to offload their entire 1,032.1 BTC holdings, the sudden increase in supply could potentially affect the value of Bitcoin.

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2025-01-10 14:45