Nikolas Sargeant
Global crypto influencer Valeria Fedyakina, known as Russia's "Crypto Queen" and "Bitmama," faces criminal charges for allegedly defrauding investors of $21.3 million in Bitcoin and foreign currency, according to Russian state media TASS.
Prosecutors claim Fedyakina lured investors with promises of high returns on crypto investments, only to disappear with their funds. The social media personality, who built a following by showcasing a lavish lifestyle and branding herself as a "crypto broker," now faces up to 10 years in prison if convicted.
Criminal Investigation Reveals Massive Fraud Scheme
According to law enforcement officials, Fedyakina allegedly embezzled approximately 2.2 billion rubles ($21.3 million) through various schemes, with a single instance accounting for 800 million rubles ($7.8 million). Authorities have frozen her bank accounts, crypto wallets, and other assets to potentially compensate victims.
Legal Troubles Mount for Self-Proclaimed Crypto Expert
Fedyakina's legal challenges began in September 2023 with allegations of supporting Ukrainian forces. Investigators later uncovered evidence of an illegal crypto exchange operation facilitating transfers between Russia and Dubai. Additional accusations include running a fraudulent "oil export" investment scheme, with promotional materials showing plans to pool investor funds to purchase an oil tanker.
Defense Strategy and Current Status
Despite maintaining her innocence through her legal team, Fedyakina remains in custody after giving birth during her detention. Courts have rejected humanitarian release requests, citing her UAE residence permit as a flight risk. The investigation continues as prosecutors build their case under Article 159 of the Russian Criminal Code, which carries a maximum penalty of 10 years imprisonment and a 1 million ruble fine.
The case highlights the growing concern over crypto-related fraud and the need for increased vigilance in digital asset investments, particularly when dealing with social media influencers promising exceptional returns.
