Nikolas Sargeant
Russian authorities have completed their investigation into social media influencer Valeria Fedyakina, dubbed the "crypto queen," who now faces serious fraud charges totaling 2.2 billion rubles ($23 million). The case involves allegations of cryptocurrency schemes and fraudulent investment programs.
Investigation Reveals Multiple Victims
The Russian Investigative Committee has identified four victims in the case, though their identities remain confidential. Investigators claim Fedyakina conducted unauthorized over-the-counter crypto transactions, primarily using Bitcoin for transfers between Moscow and Dubai. She allegedly offered currency conversion services and facilitated international money transfers outside traditional banking systems.
Oil Investment Scheme Uncovered
According to investigators, Fedyakina orchestrated an elaborate fraud scheme, promising returns on investments in transportation, oil products, and minerals. She leveraged her substantial social media following to promote what authorities describe as a "crypto-powered investment program," guaranteeing quick profits to those who invested either traditional currency or cryptocurrency.
Defense Challenges Detention
Fedyakina's legal team contests her continued detention, arguing that flight risk concerns are unfounded since her UAE residence permit expired in February 2024. They emphasize her Russian citizenship and current situation as a new mother in custody with her infant daughter.
Former Associate Turns Witness
A key development in the case involves a former associate who initially helped promote Fedyakina's activities on social media. This individual, now a primary witness, claims to have later discovered they were also being deceived. Authorities allege Fedyakina collected both cash and cryptocurrency from clients, with no intention of fulfilling her promised services.
While initial reports suggested connections to funding the Armed Forces of Ukraine, investigators have since dropped these allegations. The Moscow City Court continues to maintain Fedyakina's custody status, with an appeal hearing date pending.
