The Russian government has decided to transfer and sell seized Bitcoin to the state treasury. This move appears inspired by practices in the United States.
Historic Cryptocurrency Bribery Case
The case of Marat Tambiev is recorded as one of the largest bribery scandals in Russian history. Tambiev admitted his guilt in 2023 and was sentenced to 16 years in prison. The court revealed that Tambiev received nearly 10 million dollars in Bitcoin as a bribe from the notorious hacker group Infraud Organization. This amount is recorded as the largest cryptocurrency bribe ever acquired in Russia. According to TASS news agency, Tambiev accepted bribes in return for terminating criminal cases against Infraud members and hiding cryptocurrency worth 14 billion rubles (13.6 million dollars). The seized BTC from December 2024 is currently stored in a Ledger hardware wallet.
Bitcoin is Set to be Sold
Russia is preparing to sell the Bitcoin transferred from Tambiev’s hardware wallet to the treasury. A total of 1,032 BTC (approximately 1 billion rubles or 10 million dollars) is planned for sale. This decision follows the United States’ recent move to sell 6.9 billion dollars’ worth of Bitcoin connected to the Silk Road case.
Impact on Cryptocurrency Market
Such sales in the cryptocurrency market generally raise concerns about increased volatility. However, experts predict that the market will absorb these sales with ease. Russia’s decision to sell Bitcoin is closely monitored regarding international cryptocurrency policies. This development indicates that Russia continues its process of integrating cryptocurrencies into state finances, marking a period where governments evaluate cryptocurrencies as financial resources.
Russia's decision to sell seized Bitcoin is a significant step in managing assets obtained from criminal activities and contributes to the discourse on the role of cryptocurrencies in state finances.
