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  • Russia confiscates $10M Bitcoin from former law enforcement official

    Russia confiscates $10M Bitcoin from former law enforcement official

    Russia confiscates $10M Bitcoin from former law enforcement official
    • Russia seizes 2,718 Bitcoin worth $10M from ex-ICRF official.
    • The ex-official was involved in what has been termed the largest bribery case in Russia.
    • The confiscated bitcoins will be added to the state revenue.

    Russian authorities have seized approximately $10 million worth of Bitcoin from Marat Tambiev, a former employee of the Investigative Committee of the Russian Federation (ICRF).

    The seizure, reported by the local news agency TASS, involved the confiscation of 103 Bitcoin, stored in a Ledger Nano X hardware wallet, marking a significant moment in Russia’s handling of digital assets in legal contexts.

    The largest bribery scandal in Russian history

    Tambiev’s conviction stems from what has been described as the largest bribery scandal in Russian history, involving a staggering 2,718 BTC bribe, which was valued at around $258 million at the time of sentencing.

    The Nikulinsky District Court of Moscow had previously ordered the seizure of 1,032 BTC from Tambiev in 2023, citing the assets as derived from unconfirmed income.

    The case against Tambiev came to light after his arrest in March 2022, where investigators discovered the private keys to his Bitcoin wallet in a folder named “Retirement” on his laptop.

    The source of the bribe was traced back to the Infraud Organization, a notorious hacker group. Members from Kazakhstan and Estonia allegedly bribed Tambiev in exchange for favourable judicial decisions, including efforts to halt their own criminal prosecutions and hide assets worth over $138 million in cryptocurrency.

    This case not only showcases the scale of corruption within certain sectors of Russian governance but also reflects the country’s evolving stance on cryptocurrency.

    The confiscated Bitcoin to be integrated into Russia’s state revenue

    As part of the legal proceedings, the confiscated Bitcoin will now be integrated into Russia’s state revenue, a move that signals how the nation is dealing with digital currencies in official capacities.

    This development comes as Russia is increasingly considering cryptocurrencies for international trade, especially as a means to circumvent Western sanctions.

    The finance minister has indicated openness to using Bitcoin in foreign trade, showcasing a potentially dual approach to crypto — one of regulation and integration, alongside stringent action against its misuse in criminal activities.

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  • Avalon Labs raises $10m in series A round

    Avalon Labs raises $10m in series A round

    Japan’s Metaplanet buys $7M Bitcoin

    Avalon Labs, the issuer of Bitcoin (BTC)-backed stablecoin USDa, has secured $10 million in a Series A financing round that attracted several venture capital firms.

    “We are known for many things but today is not about us. The team from Avalon Finance is honored to announce the closing of our 10M Series A Round,” the platform posted on X.

    Venture capital firm Framework Ventures led the funding round, which attracted the participation of UXTO Management, Prestoby Framework Ventures and Kenetic Capital.

    In an announcement, the Avalon Labs team said the project will use the funding support to expand its BTC decentralized finance ecosystem.

    In this case, Avalon’s aim is to evolve Bitcoin from being just a digital store of value to a robust financial instrument.

    “We are pioneering the future of Bitcoin-backed financial solutions, creating the first comprehensive ecosystem that unlocks the true potential of the world’s leading cryptocurrency” the Avalon team wrote.

    Avalon’s USDa stablecoin allows users to tap into DeFi on Bitcoin by collateralizing it. The platform’s borrowing rate is fixed at 8%, which allows USDa holders to access liquidity while keeping their BTC positions.

    USDa, Avalon’s flagship collateralized debt position (CDP), ranks as the second-largest CDP per data from DeFiLlama. Its TVL hit $700 million in early December and its competitors include MakerDAO’s DAI and Liquity

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  • Short-Bitcoin funds saw $10M in inflows last week

    Short-Bitcoin funds saw $10M in inflows last week

    • CoinShares data shows crypto investment products recorded minor outflows of $2 million.
    • But Bitcoin saw a third straight week of outflows totaling $12 million.
    • Short-bitcoin funds saw inflows of $10 million amid negative sentiment driven by US economic data.

    Digital asset investment products recorded yet another week outflows this past week as macro data continued to weigh on investor sentiment, according to asset manager CoinShares.

    While weekly outflows across crypto-related products was a minor $2 million, the broader market sentiment was negative as indicated by the large inflows into short investment products.

    Short-Bitcoin inflows hit $10 million

    Investment products tied to the world’s largest cryptocurrency Bitcoin recorded a total of $12 million in outflows last week, a third consecutive week of such action. Investors also bet huge on the price of Bitcoin going down that week, with inflows into short bitcoin funds rising to $10 million.

    According to CoinShares, the negative sentiment around BTC price last week largely came from the United States.

    “Opinions remain polarised though, with the US seeing outflows totalling US$14m, where recent macro data has increased fears amongst investors that the US Federal Reserve (FED) will be more hawkish than expected,” CoinShares head of research James Butterfill wrote.

    As we highlighted, the past week was punctuated by the hot economic data (the Producer Consumer Expenditure (CPE) index that suggested inflation was still a key headwind. 

    Indeed, the market reacted negatively to the macro data, with Bitcoin price dropping to lows of $22,770 on the Bitstamp crypto exchange. However, BTC is back above $23,400.

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