Cash News
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.
Russian authorities say Valeria Fedyakina, 24, portrayed herself as a cryptocurrency expert on social media to gain the trust of at least four victims who she later stole millions from, NewsX reported.
The influencer, who went by “Bitmama” on social media, pretended to be a cryptocurrency expert with offices in Moscow City, Dubai, Monaco, Serbia and Turkey and convinced her victims to trust her with their millions, CryptoNews also reported.
Her victims reported losing massive sums of money, including one who said he lost $70 million.
After completing their investigation, police said Fedyakina managed to steal about $22 million in just two months.
Police say Fedyakina carried out the scam by convincing investors to transfer their money to Dubai crypto to avoid banking restrictions.
The victims said she then promised them a 1% bonus on the cash they sent her once it had been converted into crypto.
However, the cash quickly vanished as Fedyakina funneled it into Ukraine’s armed forces to help in their fight against Russia’s invasion.
Fedyakina was arrested in September 2023 while trying to leave Russia on a flight to the UAE and placed in pre-trial detention.
She is expected to be formally charged next month and faces up to 10 years in prison if convicted, the reports said.
At the time she was six months pregnant, but the court refused to give her a lighter punishment of house arrest. She was forced to return to detention after giving birth in a special maternity hospital.
Fedyakina’s defense denied the claims of fraud and told Russian media she supports the country’s invasion and is ready to donate funds to support Moscow’s military.
Her lawyers also claimed she was the victim of a conspiracy and had used her own funds to pay the clients who, she says, never paid her back.