Last week, a plane crashed in the Tver region, located in Western Russia, just north of Moscow.
But this was not an ordinary plane. It was reportedly carrying Yevgeny Prigozhin, leader of the Wagner Group that very nearly started a civil war in Russia earlier this year.
In the following days, Prigozhin was confirmed dead, and rumours started swirling online that he may have owned a significant amount of cryptocurrency, particularly Bitcoin. These murmurs eventually coalesced into a theory that he controlled a wallet that held around 100,000 Bitcoin, worth around US$2.6 billion.
Why would Prigozhin hold crypto?
For the theory to hold any credence, there would be a need for Prigozhin to want to hold crypto. And as leader of the Wagner Group, there is definitely ample reason for him.
Cryptocurrencies like Bitcoin offer him anonymity, and can shield him and his finances from scrutiny.
As the leader of a mercenary group, anonymity would be greatly beneficial in helping him buy weapons, ammunition, and other supplies to fund his trade.
Not to mention, any ill-gotten gains can be laundered relatively easily through non-compliant crypto exchanges, many of which are linked to Russia.
In fact, with the Wagner Group being designated as a terrorist organisation by several countries and jurisdictions worldwide, few would be willing to sell to him or his group directly, especially if there is a risk of being sanctioned for such action.
Is the wallet Prigozhin’s?
While there is speculation that the wallet did belong to Prigozhin, it is unknown whether Prigozhin himself actually dabbled in crypto, though it is not possible to discount that possibility either.
However, evidence has seemingly come to light that suggests that the wallet is not Prigozhin’s.
According to reports, the wallet’s private keys are actually held by the US government, and the large amount of BTC in the wallet originate from funds confiscated from the culprits behind the Bitfinex hack.
A far less interesting story perhaps, especially since Prigozhin has become somewhat of a public figure since his rebellion earlier this year.
But at the end of the day, perhaps not everything has to be full of drama and twists and turns.
Sometimes, the truth really is just boring.