Russian authorities have uncovered an alleged $22m cryptocurrency fraud scheme orchestrated by a prominent social media influencer known as "Bitmama". The case has sent shockwaves through Moscow's digital asset community.
Valeria Fedyakina, 24, faces serious fraud charges following a year-long investigation into her activities. The self-styled cryptocurrency expert was arrested after a series of complaints from investors. One victim claimed losses of $74m, though investigators have only verified $22m in total losses across four main victims.
Prosecutors allege that Fedyakina constructed an elaborate facade of global operations spanning Dubai, Monaco, and Moscow.
She promised investors a 1% return on cryptocurrency investments at a time when Russians were increasingly turning to digital assets to circumvent international sanctions.
"She told us our funds would be sent to Dubai to bypass banking restrictions," said one victim, who spoke on condition of anonymity. The same investor described how Fedyakina convinced him to invest millions in a purported oil export scheme with promises of rapid returns.
The investigation took an unexpected turn when authorities discovered that significant portions of the allegedly fraudulent proceeds had been channeled to support Ukrainian military efforts. This revelation has complicated the legal proceedings. Fedyakina's defense team maintains her innocence, suggesting she fell victim to broader machinations within the cryptocurrency sector.
The case gained additional notoriety when Fedyakina, six months pregnant at the time, attempted to flee to the United Arab Emirates. Authorities subsequently placed her under house arrest. Following the birth of her child at a specialist facility, she was returned to detention.
Legal documents show that Fedyakina now professes loyalty to Russia and claims she would support its military if released. Her legal team continues to deny all fraud allegations. Prosecutors are expected to file formal charges in November.
The case highlights the growing intersection of cryptocurrency, fraud, and geopolitical tensions in Russia's digital finance sector. If convicted, Fedyakina faces up to ten years in prison. The charges encompass both illegal cryptocurrency transactions and orchestrating scams targeting individual investors and corporations.
Investigators describe it as one of the most significant cryptocurrency fraud cases in recent Russian history. "This case demonstrates how quickly substantial amounts can be lost in cryptocurrency schemes," said a senior investigator close to the case, who requested anonymity due to the ongoing nature of the investigation.