A Russian influencer known as the 'Queen of Crypto' allegedly scammed investors out of $22 million to fund the Ukrainian army, raising questions about cryptocurrency scams and motivations.
A glamorous Russian influencer known as the “Queen of Crypto” scammed unsuspecting investors out of over $22 million that she then sent to Ukrainian troops amid the ongoing war, according to reports.
Valeria Fedyakina, dubbed the “Queen of Crypto,” gained notoriety for her glamorous lifestyle and expertise in cryptocurrency. Operating under the alias “Bitmama,” she built a following on social media, where she portrayed herself as a cryptocurrency expert with offices in multiple global cities, including Moscow, Dubai, and Monaco.
Fedyakina’s charm and perceived expertise led her to gain the trust of several investors, who believed they were making sound financial decisions by entrusting her with their money.
According to reports, Fedyakina executed her scam by convincing investors to transfer their funds to Dubai-based cryptocurrency accounts, claiming it was a way to circumvent banking restrictions. She promised her victims a 1% bonus on their investments once the cash was converted into cryptocurrency.
However, instead of investing the money as promised, Fedyakina allegedly funneled the funds to support Ukrainian troops in their fight against Russia. This unexpected twist has raised eyebrows and sparked discussions about the motivations behind her actions.
The fallout from Fedyakina’s actions has left many investors devastated. Reports indicate that one victim lost as much as $70 million, while others also reported significant financial losses. The victims have expressed their outrage and disbelief at being duped by someone they trusted.
Fedyakina was arrested in September 2023 while attempting to board a flight to the UAE. Following her arrest, she was placed in pre-trial detention, where she remains as legal proceedings unfold. She is expected to face formal charges next month and could face up to 10 years in prison if convicted.
Despite being six months pregnant at the time of her arrest, the court denied her request for house arrest, and she was returned to detention after giving birth in a special maternity hospital.
Fedyakina’s defense team has denied the allegations of fraud, asserting that she supports Russia’s military efforts and is willing to donate her own funds to assist Moscow. They have also claimed that she is a victim of a conspiracy, arguing that she used her own money to pay back clients who allegedly never reimbursed her.
The case of Valeria Fedyakina, the so-called “Queen of Crypto,” highlights the risks associated with cryptocurrency investments and the potential for scams in the digital age. As the legal proceedings continue, many are left wondering about the true motivations behind her actions and the implications for the cryptocurrency community at large.
