BlockChain

Crypto Bribery Cases on the Rise in Russia

Crypto Bribery Cases: Lawyers claim that there has been a rise in the incidents of crypto bribery in Russia, in which corrupt persons have received money in tokens such as Bitcoin (BTC). Marina Odintsova, head of the Kirov chapter of the Association of Lawyers of Russia, stated in an interview with Svoy Kirovsky Portal that there has been an increase in “non-cash” bribery in Russia during the past several months.

Russian Crypto Bribery Cases Rising

When Odintsova responded to a question regarding the “most common methods of transferring bribes” in Russia, she was addressing the issue. According to the attorney, there are “three” frequent channels through which bribes might be given and received. She was the first person to mention crypto. In addition, she mentioned that courts are “looking into the case of the largest bribe in modern Russian history,” which is now taking place in the Moscow Oblast, as stated by Odintsova. Odintsova observed that “this case is also connected with cryptocurrency.”

Bitcoin Bribery: A Landmark Case

Bitcoin Bribery: A Landmark Case

Odintsova brought up the subject of the two investigators from the Russian army. The detectives allegedly asked a gang of hackers to pay them thousands of Bitcoin so they could cover up their investigation. A Moscow Oblast court declared two members of the Investigative Committee to be the “prime suspects” in a trial scheduled to start soon in June of this year. According to the prosecution, the Russian branch of “an international cybercrime syndicate” known as Infraud Organization was the subject of an investigation by Russian law enforcement.

Army Major Marat Tambiev allegedly demanded BTC 2,718 from hackers, according to court records. The prosecution claims Tambiev and another suspect “promised not to confiscate” $159.6 million in bitcoin for the bribe. A tip about the supposed bribe reached the Federal Security Service through the hackers. They later faced cybercrime charges and were sentenced to prison terms ranging from 2.5 to 3 years.

Bribes from ‘Third Parties’

Bribes from 'Third Parties'

Odintsova, however, explained that Crypto Bribery Cases are also on the rise in cases that are not as widely publicized. According to her statement, “non-cash transfers” that use cryptocurrency are frequently transmitted “to bribe-takers wallets via a third party.” The “attorney stated that “relat”ves, friends, and acquaintances” are “frequently included in the category of these third parties.

She also mentioned using cash bribes and “property” “payments “to complete corrupt transactions. On the other hand, the Russian Central Bank is continuing to proceed with its expedited CBDC plans. In September, the bank announced that it would initiate the second phase of its digital ruble project.

Private Sector Role

Combating cryptocurrency bribery also requires significant effort from the commercial sector. The crypto industry is seeing a growing trend of companies, including cryptocurrency exchanges and wallet providers, working with law authorities to uncover and report questionable activity. Several exchanges have installed sophisticated monitoring systems to detect suspicious transactions and meet regulatory standards.

Many people are also working on making blockchain and cryptocurrencies more secure and transparent. Innovations like zero-knowledge proofs and decentralized identity verification are showing promise in striking. A balance between privacy and the necessity for regulatory monitoring. The public and commercial sectors can collaborate to make cryptocurrency exchange transactions more secure and transparent.

Summary

The increasing number of Crypto Bribery Cases in Russia highlights the importance of having flexible and all-encompassing plans to deal with problems. Digital currencies are created by working together, thinking creatively, and being vigilant. We can limit cryptocurrency’s potential for criminal use and ensure it’s used for good.

Also Read: Bitcoin Price Swings as ETFs Outflow For 2024

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