Russia Begins Cashing In BTC Seized Through Bribery Scandal
Russian bailiffs have begun transferring over 1 billion rubles worth of Bitcoin (BTC) via former Investigative Committee official Marat Tambiev into state revenue. Tambiev, convicted for accepting a record-breaking bribe, had over 1,000 BTC seized during an investigation into his ties with a hacker group.
Interestingly, a similar development occurred when the U.S. Department of Justice (DOJ) also recently received approval to sell 69,370 BTC seized via the Silk Road darknet marketplace, leading many investors to believe a potential market crash could happen soon.
Over 1.3K BTC Seized
In 2023, the Nikulinsky Court ordered the confiscation of 1,032.1 BTC, deemed to have been obtained through illicit means. The Bitcoin is now being converted into rubles, with the first phase of the process underway.
The investigation revealed that Tambiev used his position to manipulate police investigations and assist hackers in hiding illegal funds. Despite his conviction, Tambiev denied all charges during the trial and refused to cooperate with authorities, even defending his associate, Lyakhovenko, as a child and a victim.
Challenges In Liquidating Assets
The process has faced several challenges, as Tambiev divided the Bitcoin into smaller amounts, requiring multiple court petitions to access and sell it. It is common practice for BTC holders to sell their assets in this way.
His other assets, including real estate and a motorcycle, are also under review for liquidation. Despite these hurdles, the government is focused on recovering the stolen assets and channeling them into state revenue.
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