YEREVAN (CoinChapter.com) — Valeria Fedyakina, a prominent Russian influencer known as the “Queen of Crypto,” is accused of orchestrating a $22 million scam targeting investors. Fedyakina, also known as “Bitmama,” allegedly manipulated investors through false promises of high returns, with claims that her crypto ventures were secure investments. Reports indicate that Fedyakina posed as a cryptocurrency expert with operations in Dubai, Monaco, and Moscow, encouraging investors to transfer large sums to her accounts.
Authorities say Fedyakina promised returns of 1% on investments that would be converted into cryptocurrency. This promise attracted many in Russia, where interest in crypto assets has risen as people seek alternatives amid economic restrictions. According to sources, Fedyakina told investors their funds would be sent to Dubai to navigate banking limits, strengthening her image as a credible financial advisor in the crypto space.
Fedyakina’s Investor Scam Claims $22 Million from Four Key Victims
Investigators report that Fedyakina’s scheme impacted at least four significant investors, with official losses calculated at over $22 million. Though one individual claimed Fedyakina stole $74 million from him, only $22 million has been verified so far.
Fedyakina allegedly went beyond cryptocurrency scams. She reportedly enticed some investors into an oil export scheme, where she assured high returns within a short period. According to Russian media, her scams extended beyond the crypto sphere, exploiting a range of financial schemes to deceive victims. Authorities noted that her alleged actions relied on trust, with promises of profits that never materialized.
Crypto Fraud Proceeds Allegedly Directed to Ukrainian Military
The case against Fedyakina took a turn when investigators found evidence suggesting she directed a portion of the fraud proceeds to Ukrainian military support. Authorities allege that she raised funds under the pretense of countering Russian forces. This detail has intensified her case, with prosecutors citing it as evidence of her possible political motives. However, her legal team denies the accusations, claiming her actions have no connection to any military effort and insisting that Fedyakina is the target of a wider conspiracy within the cryptocurrency sector.
Her defense also argues that Fedyakina is committed to supporting Russia and would back its military if granted freedom. They challenge the claims linking her to Ukrainian forces, stating the evidence is misleading.
Failed Escape and Detention Heighten Scrutiny on Case
Shortly after her initial detention, Fedyakina attempted to flee to the United Arab Emirates (UAE). Pregnant at the time, her escape attempt gained media attention and resulted in Russian authorities placing her temporarily under house arrest. After she gave birth, Fedyakina was returned to custody, where reports indicate she is facing strict detention conditions.
Prosecutors plan to file formal charges against her in November. She faces a potential sentence of up to ten years. They accuse her of carrying out illegal transactions and defrauding investors. Additionally, they allege she coordinated multiple scams. These actions, they claim, have severely impacted individuals and corporations alike.
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