Tag Archives: Moscow

Moscow Court Rules Crypto Assets Cannot Be Seized For Debt Payment

In a hearing on Feb. 26, the Moscow Arbitration Court ruled that cryptocurrency funds of a bankrupt debtor cannot be seized as payment to creditors, local media group RBC reports. The court considered an application filed by finance manager Aleksey Leonov, who requested permission to recover funds from a debtor, Ilya Tsarkov, by seizing Tsarkov’s crypto assets. According to RBC, Leonov requested that the court require Tsarkov to provide the password for his cryptocurrency wallet on the website Blockchain.info. The court reviewed documents that proved Tsarkov was in possession of a crypto wallet with Bitcoins, but refused to grant Leonov’s request to seize Tsarkov’s cryptocurrency in order to repay the debt. According to Nikita Kulikov, executive director of the Moscow law firm HEADS Consulting, the court could not have reached any other ruling, as cryptocurrency legislation is not firmly established in Russia at the moment. “If the court had included cryptocurrency assets in the state of insolvency, that would have meant that Russian law recognized cryptocurrency assets as a type of money, which is contrary to the Central Bank’s stance, or as a property, which is not established by the law,” said Kulikov.

Reference: https://cointelegraph.com/news/moscow-court-rules-crypto-assets-cannot-be-seized-for-debt-payment

Russian Crypto Developer Beaten, Robbed Of 300 BTC On Moscow Streets

Four unknown men kidnapped Yury Mayorov, the creator of cryptocurrency PRIZM, Forklog news outlet reported yesterday, Feb. 26. According to Forklog, Mayorov was robbed of $20,000, 300 bitcoins (BTC), and three iPhones. Data on CoinMarketCap shows that PRIZM has a total market cap of around $15.5 mln, and is trading at around $1.04 by press time. According to Mayorov’s own allegations, he was grabbed off of Isakovskogo Street by four men on Feb. 23 at 10:00 pm in Moscow, put into a Mercedes, and beaten while the men drove around the city. The men took the US dollars, which Mayorov had just exchanged for an upcoming trip to India, the iPhones, and his laptop with access to his crypto wallet with 300 BTC, worth a little over $3 mln today. Telegram channel Mash, which originally broke the news of the attack, reported that before the robbers let Mayorov go, they “gave Yury some bright pill and forced him to drink it with vodka,” causing him to go to the hospital before being able to report the incident to the police. Kidnappings and robberies of people involved in cryptocurrencies are becoming more frequent occurrences across Russia and Ukraine.

Reference: https://cointelegraph.com/news/russian-crypto-developer-beaten-robbed-of-300-btc-on-moscow-streets