A hacking group paid a record-breaking amount of cryptocurrency to an investigator in Moscow. A Russian newspaper reported that the corrupt official had accepted bitcoins worth millions of dollars and was saving the digital currency for his retirement.
The investigator is under investigation in Russia after receiving a large Bitcoin bribe
The Kommersant reported that investigators in Russia are currently working on a case of corruption involving one their former colleagues. The news is released as a Moscow court prepares to hear a case in which prosecutors want to seize his crypto stash.
Marat Tambiev, who was hired by the Moscow Tverskoy district in December 2011, climbed up the ladder of success to become the head of the Investigation Department. His salary was the only source of income for him and his family. They did not own any expensive properties or have savings in rubles or foreign currencies.
Investigators and prosecutors in the investigation launched against Tambiev, for large-scale corruption, found that he owned a total 1032.1 BTC, whose value, at the time, was estimated to be 1.662 billion Rubles (almost 24 million dollars).
The defendant received the cryptocurrency from Mark, Konstantin Bergmanov, and Kirill Samotyaevsky in April 2022 for failing to seize their assets. Tambiev led the investigation in their criminal case.
Russian authorities seize corrupt official's crypto currency savings
The crypto was found during a search in his apartment located in the Russian capital. Law enforcement officers discovered his laptop among other items. They were able penetrate it a few month later. In a folder named "Pension", there was a photo of a piece of paper containing records that allowed Marat Tabiev to gain access to two amounts of cryptocurrency – 932.1 BTC, and 100 BTC. The bitcoins were confiscated and moved to a hardware wallet as physical evidence.
According to the article, 1.6 billion rubles worth of cryptocurrency represents a record amount in a corruption case that involves a Russian official. Dmitry Zakharchenko was the previous case, in which he collected bribes worth 1.4 billion Rubles.
The Russian parliament is currently reviewing several bills that include texts introducing criminal responsibility for the use of crypto assets for illegal purposes.
Do you believe this is the biggest crypto-bribe that a Russian official has accepted? Please tell us what you think in the comment section below.
Frequently Asked Questions
Which precious metals are best to invest in retirement?
First, you need to understand what you have and where you are spending your money. Start by listing everything you have. This includes stocks, bonds and mutual funds, as well as certificates of deposit (CDs), life policies, annuities and 401(k), plans, real estate investments and other assets, such precious metals. To determine how much money is available to invest, add all these items.
If you are between 59 and 59 1/2 years, you might consider opening a Roth IRA. Traditional IRAs allow you to deduct contributions out of your taxable income. Roth IRAs don't. However, you will not be able take tax deductions on future earnings.
If you decide that you need more money you'll need another investment account. You can start with a regular brokerage account.
How much should precious metals be included in your portfolio?
The best way to avoid inflation is to invest in physical gold. This is because you not only get the current price but also the future value when you invest precious metals. You can expect your investment to increase in value with the rise of metal prices.
Gains will be taxed if you keep your investments for at minimum five years. And if you sell them after this period, you will have to pay capital gains taxes. You can learn more about gold coins by visiting our website.
How Much of Your IRA Should Include Precious Metals?
Protecting yourself from inflation is best done by investing in precious metals such silver and gold. It's not just for retirement. It can also be used to prepare for economic downturns.
While silver and gold have seen significant increases in the last few years, they are still safe investments since they don’t fluctuate as often as stocks. These materials are in constant demand.
Silver and gold prices are typically predictable and stable. They are most likely to rise when the economy grows and fall during recessions. This makes them great money-savers and long-term investments.
Precious metals should make up 10 percent of your portfolio. If you wish to diversify further, this percentage could be higher.
Which type is best for an IRA?
The most important thing when choosing an IRA for you is to find one that fits within your goals and lifestyle. It is important to consider whether you want tax-deferred, maximized growth of your contributions, reduced taxes now and paid penalties later, or just avoid taxes.
If you have little money to invest, the Roth option might make sense. The Roth option is also a smart choice if you work beyond the age of 59 1/2 and plan to pay income tax on any withdrawals.
Traditional IRAs are more suitable if you intend to retire young. However, you will most likely owe taxes on any earnings from those funds. If you are going to be working beyond 65 years old, the traditional IRA may make more sense because you can withdraw all or part of your earnings without having to pay taxes.
How much are gold IRA fees?
An average annual fee for an individual retirement plan (IRA) is $1,000. There are many types of IRAs available, including traditional, Roth, SEP and SIMPLE IRAs. Each type has their own set of rules. For example, you may have to pay taxes on any earnings from your investments if they're not tax-deferred. The amount of time you intend to keep the money must be considered. If you are planning to hold onto your money for a longer time, you will likely save more money opening a Traditional IRA than a Roth IRA.
You can contribute up to $5500 per year to a traditional IRA (or $6500 if you are 50 or older). A Roth IRA allows for unlimited annual contributions. The difference is that a traditional IRA allows you to withdraw your money without having to pay taxes. A Roth IRA will entail taxes for any withdrawals.
Which is stronger: 14k gold or sterling silver?
Sterling silver, which contains 92% pure sterling silver instead of just 24%, is a stronger metal than gold or silver.
Sterling silver is also known by the name “fine silver” because it is made up of a mixture from silver and metals like zinc, copper, and zinc.
Gold is considered very strong. It takes great pressure to break it apart. If you drop something on top of a chunk of gold it will shatter into thousands of pieces rather than breaking into two halves.
However, silver doesn't have the same strength as gold. A sheet of silver would likely bend and fold if you dropped an item on it.
Silver is often used to make jewelry and coins. Its value fluctuates based on demand and supply.
- Silver must be 99.9% pure • (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
How to buy silver with your IRA
How to start buying Silver with Your IRA – The best method to invest directly in silver or gold is through the direct ownership of physical bullion. Silver coins and bars are the most popular form of investment because they offer diversification, liquidity, and convenience.However, many prefer owning physical bullion over paper certificates or electronic currency.
If you want to buy precious metals like gold and silver, several options are available. You can purchase them directly through their producers, which include mining companies or refiners. If you don't want the hassle of dealing with a producer directly, you can purchase them from a dealer that buys and trades bullion products.
This article will help you to start investing silver with your IRA.
- Investing In Gold & Silver Directly – This is the best option to buy precious metals. This means that you can get the bullion straight from the source, and it will be delivered directly to your front door. Some investors store their bullion in their home. Others choose to store their bullion in a safe storage location that is insured and protected. Protect your precious metal by storing it correctly. Many storage facilities offer insurance coverage for fire, theft, damage, and other risks. However, even with insurance you could lose your investments due to natural catastrophes or human error. The safe storage of precious metals at a bank or credit card union is always recommended.
- Buying Precious Metals Online – If you'd rather avoid carrying around heavy boxes of precious metal, then one alternative is to buy bullion online. Bullion dealers can sell bullion in various forms, including bars or coins. Coins are available in a variety of sizes, shapes, designs, and colors. Generally speaking, coins are easier to carry around and less expensive than bars. Bars come in different weights and sizes. Some bars are heavy and weigh hundreds of pounds while others only weigh a few grams. A good rule of thumb when selecting which type of bar you should get is to look at what you plan to use it for. If you plan on giving it as gifts, you might choose something smaller. However, if it's something you intend to use as a gift, it might be a smaller model. If you wish to add it to a collection and proudly display it, it may be worth spending fewer dollars.
- Dealers for Precious Metal – The third option is to buy bullion direct from dealers. Dealers usually specialize in one market area, such as silver or gold. Some dealers specialize in particular types of bullion like rounds or minted currency. Others are more skilled in certain regions. Others are specialists in bulk purchases. You'll find them all to be competitive in price and offer convenient payment methods.
- Buy Precious Metals Through Retirement Accounts. Although it is not considered an “investment”, investing in retirement accounts can provide exposure to precious metals. A qualified retirement account is required to invest in precious metals in order to qualify for Section 219 IRS Code tax benefits. These accounts include IRAs and 401(k), as well as 403(b), plans. These accounts are designed to help you save for retirement and often provide higher returns than other investment vehicles. You can also diversify your holdings by opening these accounts. What is the drawback? Investments in retirement accounts aren't available to everyone. These accounts can only be opened by employees who are sponsored by their employers.
By: Lubomir Tassev
Title: Russian Investigator Took Over 1,000 BTC in Bribe Money From Hackers, Report
Sourced From: news.bitcoin.com/russian-investigator-took-over-1000-btc-in-bribe-money-from-hackers-report/
Published Date: Wed, 07 Jun 2023 08:30:13 +0000