Over $500M Worth Of Bitcoin To Be Seized From Andrew Tate As Romanian Prosecutors Pursue Rape, Human Trafficking Case

Romanian prosecutors have asked to seize 21 Bitcoins (CRYPTO: BTC) worth around $560,000, from social media influencer Andrew Tate, who is being indicted on rape and human trafficking charges.

What Happened:  According to a press release from Romania’s Directorate for the Investigation of Organized Crime and Terrorism, Andrew has been charged along with his brother Tristan Tate and two associates; all four of them have maintained their innocence. 

The assets listed for seizures include 15 properties, 15 luxury vehicles, 14 watches, and Bitcoin worth $560,000. The wealth that the accused has amassed played a significant role in the trial, as the authorities deemed him and his associates a flight risk underpinned by their financial status.

The indictment alleges that Andrew Tate and his associates used the “loverboy method” to recruit women into sex work. 

See More: A Stay At The Floating Palace From James Bond’s ‘Octopussy’

Why It Matters: The cryptocurrency community was misled by a translation error from Romanian to English, with reports suggesting that the authorities seized bitcoin worth $384 million when, in fact, they seized 21 bitcoin worth nearly $560,000 on June 20. 

In April, Mateea Petrescu, a spokesperson for Tate and his brother Tristan told Decrypt that hardware wallets containing a combined 21 Bitcoins, worth approximately $467,625, were confiscated. 

Petrescu said Andrew Tate’s wallet contained five Bitcoin — currently valued at around $111,339 — while Tristan’s wallet held 16 Bitcoin.

Price Action: At the time of writing, Bitcoin was trading at $28,754.50, up 5.50 % in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin Nears $29K, Ethereum, Dogecoin Surge After EDX Market Launch: Analyst Foresees $38K King Crypto Rally, But If You Think It Will Reach $12K Then…