A Tragic Turn of Events
On the night of August 23, news broke of a plane crash in Russia’s Tver region. The plane reportedly carried Yevgeny Prigozhin, the owner of Wagner PMC, and its commander, Dmitry Utkin. Tragically, all 10 people on board lost their lives. Authorities have launched an investigation to uncover the cause of the crash.
Rumors Swirl Around a Massive Bitcoin Wallet
Shortly after the crash, rumors started circulating online. These whispers suggested that Prigozhin controlled a Bitcoin wallet holding approximately 100,000 BTC, valued at around $2.6 billion. Interestingly, about 70% of this stash is believed to be in cold wallets, with the rest spread across crypto exchanges like Binance and BTC-W.
The Scale of the Wallet
To put it in perspective, the third-largest Bitcoin wallet holds 118,300 BTC, and the fifth-largest has 94,643 BTC. If the rumors are true, Prigozhin would rank among the top five Bitcoin holders globally.
Why Bitcoin Makes Sense for Prigozhin
In the wake of rising tensions between Russia and Ukraine, Russia faced numerous sanctions. Major financial entities like Visa and Mastercard pulled out, making cross-border transactions challenging. Consequently, many Russians, including potentially Prigozhin, saw cryptocurrency as a viable alternative.
Wagner PMC’s Legal Troubles
In July 2023, the OSCE Parliamentary Assembly labeled Wagner PMC as a terrorist entity. This designation could have jeopardized its financial operations, making cryptocurrencies like Bitcoin an attractive option for smoother, long-distance transactions.
The Role of Cryptocurrency in Shadow Markets
Bitcoin, with the right security measures, can facilitate anonymous transactions. This feature makes it a preferred currency in shadow markets, which could be beneficial for entities like Wagner PMC.
A Surge in Stablecoin Purchases
Interestingly, the uprising involving Wagner in June 2023 saw a spike in stablecoin purchases among Russians. This trend further hints at the growing role of cryptocurrencies in the region.
The Darknet Connection
It’s worth noting that Bitcoin is a commonly used currency in the darknet. Various products are available for purchase with Bitcoin, making it a versatile asset for potentially illicit activities.
A Story Worth Following
While there’s no concrete evidence to confirm Prigozhin’s involvement in cryptocurrency, the circumstantial factors are compelling. His alleged massive Bitcoin wallet and the potential benefits it offers in the face of sanctions and legal issues make this a story worth following. As the investigation into the plane crash continues, the crypto community will be watching closely for any developments related to Prigozhin’s alleged Bitcoin holdings.
