Authorities may sentence Valeria “Bitmama” Fedyakina, a celebrated Russian crypto influencer, to up to 10 years in prison for allegedly defrauding businessmen of $22 million. While initially suspected of treason, she now faces charges solely for economic crimes.
Crypto Scam Targeted Cross-Border Payments
According to prosecutors, Fedyakina conned at least four businessmen with a fraudulent crypto plan for cross-border payments. People in Russia have increasingly used cryptocurrency to transfer money abroad, especially after sanctions were imposed following the country’s invasion of Ukraine. Fedyakina allegedly took advantage of this, offering to help businessmen move money abroad through crypto.
Posing as an international entrepreneur, she promised to move their funds without charging fees and even claimed they would benefit from an energy-related deal. Instead, she reportedly pocketed the entire amount.
Avoids Treason Charges
Initially, there were suspicions that Fedyakina might have been using the stolen funds to support Ukraine’s war efforts. However, court documents now suggest that the treason allegations have been dropped. Russian state media outlet TASS reports that Fedyakina, pregnant at the time of her arrest in September 2023, has since given birth. This could potentially lead to a more lenient or deferred sentence.
Warning for Crypto Users
Fedyakina’s case highlights the growing risks in the crypto space, particularly around cross-border transactions. Scammers, like Fedyakina, often present themselves as legitimate and prey on those seeking urgent solutions. As phishing attacks increase, users are encouraged to employ security measures to protect themselves from similar scams.
