Russian authorities are preparing to liquidate more than 1,032 Bitcoin (BTC) worth nearly $95 million. This Bitcoin was seized from Marat Tambiev, a former investigator convicted of accepting cryptocurrency bribes from the notorious criminal organization Infraud.
The case has become a major cryptocurrency bribery scandal in Russia, highlighting the increasing use of digital assets in criminal activities.
95 Million USD BTC Is Prepared To Flood The Market With Asset Liquidation In Progress
Tbiev, who served as chief investigator in Moscow’s Tver district, was convicted in 2023 for accepting a bribe of 1,032 BTC from Infraud, a global hacker group. In return, Tambiev allegedly shielded the group from asset confiscation and facilitated their illegal activities.
Following a court order, authorities confiscated the Bitcoins discovered on Tambiev’s computer. They also seized a Ledger Nano X hardware wallet during a search of his apartment in Moscow.
The value of that BTC storage at the time was around $28 million but has increased to around $95 million based on current rates.
In October 2023, Moscow’s Nikulinsky Court sentenced Marat Tambiev to 16 years in a maximum security prison and fined him 500 million rubles (about $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.
According to TASS, Russia’s state news agency, the country’s treasury has begun transferring confiscated Bitcoin into national revenue. The initial liquidation involved the sale of approximately $10 million worth of BTC. However, legal challenges have delayed the bulk sale.
According to prosecutors, Marat Tambiev split the Bitcoins. This division, therefore, requires separate court approval to access and liquidate all assets. Authorities are also looking for additional assets related to Tambiev, including real estate, a motorbike and more cryptocurrency.
“According to a source familiar with the documents of the case told TASS, among the investigator’s assets that prosecutors want to transfer to the state are a Honda motorbike, some real estate in the area. 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 level of complexity. Ongoing legal proceedings have complicated the Russian Treasury’s efforts to sell Bitcoin.
Regardless, the move to liquidate such a large amount of Bitcoin could affect the market. Specifically, if Russia decides to sell all 1,032.1 BTC, the supply shock could affect Bitcoin price.