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Over 1,032 BTC seized from ex-investigator linked to Infraud are set for state liquidation.
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Divided Bitcoin assets and ongoing legal issues complicate the liquidation process.
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Selling such a large Bitcoin volume could affect market dynamics and short-term price volatility.
Russian authorities prepare to liquidate over $95 million in Bitcoin from a convicted investigator, raising concerns about market impact and ongoing legal battles.
$95 Million Worth BTC To Flood Market with Asset Liquidation Underway
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.
Following a court order, authorities confiscated the Bitcoin discovered on Tambiev’s computer. They also took possession of a Ledger Nano X hardware wallet during a search of his Moscow apartment.
The value of that BTC stash was around $28 million at the time, but it has since grown to approximately $95 million, based on current rates.
In October 2023, the Nikulinsky Court of Moscow sentenced Marat Tambiev to 16 years in a maximum-security penal colony and fined him 500 million rubles (around $5.2 million). The court also stripped him of his rank and barred him from holding government positions for 12 years following his release.
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.
According to prosecutors, Marat Tambiev had divided the Bitcoin into smaller amounts. This subdivision, therefore, requires separate court approvals to access and liquidate all the assets. Authorities are also pursuing additional property linked to Tambiev, including real estate, a motorcycle, and more cryptocurrency.
“As a source familiar with the case materials told TASS, among the investigator’s property that prosecutors want to transfer to the state is a Honda motorcycle, several real estate properties in the Moscow region, as well as bitcoins worth several million rubles,” TASS reported.
Prosecutors also suspect that Tambiev transferred some assets to family members, adding another layer of complexity. The ongoing legal proceedings have complicated the Russian Treasury’s efforts to sell off Bitcoin.
Notwithstanding, the move to liquidate such a significant Bitcoin stash may influence the market. Specifically, if Russia decides to sell the entire 1,032.1 BTC haul, the supply shock could impact the Bitcoin price.
Conclusion
This unprecedented liquidation of over $95 million in Bitcoin from a former investigator accuses of corruption could cause significant ripples in the cryptocurrency market. As legal hurdles continue to complicate the process, stakeholders will closely monitor how this situation unfolds in the coming months.
