Controversial internet personality Andrew Tate along with his brother Tristan and two Romanian citizens, have been indicted by Romanian prosecutors on several criminal counts. While the accusations have raised serious concerns about the extent of their alleged criminal activities, mainstream media is reporting that Tate has the entire supply of Bitcoin on the verge of being seized.
According to prominent news organizations, including the BBC and Sky News, Tate apparently possesses around 21 million Bitcoin.
Andrew Tate Bitcoin Ownership and Errors in Reporting
If you know anything about Bitcoin, that statement might raise your eyebrows. The supply cap of Bitcoin is 21 million, meaning that the Tate brothers would control more than the current circulating supply—an impossibility.
Supply cap errors aside, this would mean that they have close to $600 billion worth at current market prices. This would be the approximate combined wealth of Forbes‘ three richest put together: Elon Musk, Bernard Arnault & family, and Larry Ellison.
A Sky News anchor brought up the potential chance of authorities seizing the ’21 million’ BTC stash, estimating the value to be $400 million. Interestingly, the figures don’t add up, indicating a reporting error.
According to a statement from Romanian authorities, the former kickboxer had 21 BTC seized from him. It is likely that a Google translation issue in the document caused the confusion.
The indictment reportedly ordered the seizure of several moveable and immovable assets. It contains shares held in four commercial companies as well as real estate, high-end vehicles, watches, and luxury items. Cash was taken by the authorities and included $2,000 in Romanian leu, $57,000 in euros, $17,430 in dollars, and almost $13,000 in pounds.
The crypto seizure stands at 21.08 BTC. This translates to $384,000 according to the price at the time of the arrest. A DIICOT spokesperson confirmed the Bitcoin amount to the media.
Criminal Charges Pile Up but Trial Could Drag
Some reports claim that the trial could drag on for several years. For the time being, Tate, his brother Tristan, and two associates face charges. In this case, there are allegations of utilizing the “loverboy method” to trick women into sex work. Additionally, there are charges of human trafficking, rape, and setting up a criminal gang.
The indictment states that the defendants formed an organized criminal group in early 2021 intending to engage in human trafficking in Romania and other countries, including the United States and Great Britain.
However, because of concerns about his potential for fleeing, the probe has centered on Tate’s money. Tate has encouraged cryptocurrency investment through his online institution as a component of “modern” wealth generation. He has frequently exalted his fortune in public. BeInCrypto earlier reported that before his previous arrest, Tate had five BTC seized by Romanian authorities.
While they are still under house arrest and pending additional legal action, the defense maintains their innocence.
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