Russia Set to Offload Illegal Bitcoin Holdings in Efforts to Dispose of Illegally Obtained Assets

Russia is set to liquidate a substantial portion of its seized cryptocurrency assets, including approximately $10 million worth of Bitcoin. The decision comes as part of the country’s efforts to dispose of its illegal Bitcoin holdings, which were initially used to bribe a high-ranking Russian officer investigating an international hacking syndicate.

According to recent reports, it is alleged that the officer, Major Marat Tambiev, accepted a bribe in the form of 1,032 BTC from several members of the Infraud hacking group. This happened on April 7, 2022. The bribe was reportedly offered by a lawyer representing the hackers in exchange for not confiscating the remaining half and instead offering house arrest to the criminals.

Following Tambiev’s subsequent arrest, conviction, and sentencing to 16 years in prison along with a fine of over $5 million, authorities have now gained access to his Bitcoin holdings. Investigators found the private keys to the cryptocurrency stash on his work computer within a folder labeled “Pension.” This discovery has allowed them to transfer these funds to the Russian Treasury.

The initial sale of $10 million worth of Bitcoin has been enabled by the court granting permission for the disposal of the first batch. Additionally, Russia intends to sell other properties and assets previously owned by Tambiev, including real estate and motor vehicles.

It is crucial to note that this decision comes amid a growing debate surrounding the potential creation of a national Bitcoin reserve in Russia. This proposal has received public support from President Vladimir Putin himself during an investment forum in Moscow.

Meanwhile, news has emerged about the US Justice Department being cleared to liquidate up to 69,000 coins worth approximately $6.5 billion. A significant portion of this seized cryptocurrency came from the now-defunct online marketplace Silk Road.

Source: cryptopotato.com