Russian Influencer Accused Of Embezzling Millions In Cryptocurrency

According to ShibDaily, Russian influencer Valeria Fedyakina, also known as Bitmama, is facing serious allegations of embezzling substantial amounts of money, including Bitcoin and UAE dirhams, totaling at least 2.2 billion rubles ($21.3 million). The Russian state-run news agency TASS reports that Fedyakina, often referred to as the 'Crypto Queen,' allegedly lured clients with promises of lucrative cryptocurrency investments. However, prosecutors claim she failed to deliver on these promises, disappearing with the funds shortly after receiving them. This has led to accusations of large-scale fraud and embezzlement against her. Fedyakina gained a significant following on social media by sharing content that highlighted her extravagant lifestyle, portraying herself as a 'crypto broker' for businesses. She frequently used slogans like 'In Bitcoin we trust' to enhance her credibility and attract clients. In response to the allegations, the court has frozen her bank accounts, cryptocurrency wallets, and other assets to potentially compensate the victims. Despite these accusations, Fedyakina maintains her innocence. She is being prosecuted under Article 159 of the Russian Criminal Code, which could result in a prison sentence of up to 10 years and a fine of up to 1 million rubles (approximately $9,700). The investigation is ongoing, according to the news agency. Fedyakina's legal team has 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. However, the court denied the request, expressing concerns about her UAE residence permit and the potential risk of her fleeing. In September 2023, Fedyakina was briefly detained on accusations of transferring funds to the Armed Forces of Ukraine. Investigators have since alleged that she operated an illegal cryptocurrency exchange, using Bitcoin and other digital currencies to facilitate the movement of Russian citizens to Dubai. Several individuals have accused Fedyakina of deceiving them into investing in a supposed private 'oil export' venture. Investigative reports have revealed promotional materials under the Bitmama brand, explaining how 'investors' could pool their funds and Bitcoin to purchase an oil tanker.