Russia’s ‘Crypto Queen’ Charged

Russia’s ‘Crypto Queen’ Charged


Good day everyone,

I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how the 'Crypto Queen' from Russia was recently charged with the theft of Bitcoin and FIAT worth up to $21.3 million.

 

 

Russia’s ‘Crypto Queen’ Charged

A cryptocurrency influencer known as ‘Bitmama’ is accused of stealing millions from her clients. The self-styled “crypto queen” from Russia who is called Valeria Fedyakina was charged with stealing Bitcoin and other foreign currencies worth $21.3 million. This news comes from the Russian state-run news agency TASS as they reported that prosecutors say Fedyakina, also known as “Bitmama,” offered her clients “investments in crypto” with “the promise of high returns.”

Prosecutors allege that Fedyakina failed to deliver on her promises and it was her “victims’” who suffered as their funds “disappeared” soon after. She had managed to create a large following on social media which she used to entice her followers by regularly posting images of her lavish lifestyle. On her Instagram page Valeria Fedyakina claimed to be a “crypto broker” for businesses, and used expressions such as “In Bitcoin we trust.”

A “law enforcement agency” spokesperson stated:

 

“Fedyakina is suspected of embezzling large sums of money, including dirhams and Bitcoin, using illicit schemes to lure investors. The case materials state that the damages in just one instance amounted to about 800 million rubles [$7.8 million]. In total, these damages total at least 2.2 billion rubles [around $21.3 million].”

 

A court has reportedly ordered bailiffs to freeze Fedyakina’s bank accounts and her crypto wallets, along with any other assets to “possibly compensate for the damage.” Fedyakina maintains that she has done nothing wrong and these new new charges mean she will face prosecution for allegedly violating Article 159 of the Russian Criminal Code. This code indicates that the maximum penalty for violating this article is “up to 10 years of imprisonment and a fine of up to 1 million rubles [$9,700].” The investigation is ongoing, according to the news agency.

The legal team for Fedyakina have appealed to Moscow courts for her release on humanitarian grounds, citing her pregnancy at the time of her arrest and the birth of her child while in custody. They have also stated she is innocent of all charges brought against her, including the recent embezzlement case. She was first jailed in September 2023 after being accused of sending funds to the Armed Forces of Ukraine. The court have denied her request for release, citing concern over her UAE residence permit and the potential risk of her fleeing.

There have also been claims of her running an illegal crypto exchange business with Bitcoin and other tokens used to help Russian citizens in Dubai. Others have claimed she duped them into investing in a private “oil export” business. Investigative reports have revealed promotional materials under the Bitmama brand, explaining how 'investors' could pool their funds and Bitcoin to purchase an oil tanker.

   

 

Have a great day.

Peace. CryptoGod-1.

 

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cryptogod-1
cryptogod-1

Writer, designer, creator, and life enthusiast. I love to read and write and enjoy sharing my passion for crypto, sports, literature and everything and anything I can enjoy in life.


CryptoGod-1 : Crypto & Blockchain
CryptoGod-1 : Crypto & Blockchain

Enthusiast here looking to share my ideas, thoughts, analysis, and experience when it comes to all things crypto

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