Reports from Russia indicate that an entrepreneur and prominent figure in the cryptocurrency world, known as Bitmama or the “Crypto Queen,” has been arrested on charges of fraud.
According to Moskvich Magazine, as well as news networks on Telegram such as Baza and Readovka, Valeria “Bitmama” Fedyakina was apprehended by law enforcement on September 15 following a fraud complaint filed by an individual with whom she was acquainted. This individual alleged that Fedyakina had deceived him into surrendering nearly $70 million.
It is believed by the police that Fedyakina may have attracted investments from other individuals as well, but there are suspicions that she was running what is commonly referred to as a “financial pyramid” scheme.
When these allegations came to light, media outlets reported that Fedyakina apparently made an attempt to abscond with the funds of her investors. Her “disappearance” was described by these outlets as sudden and occurring approximately one week before her arrest.
Fedyakina allegedly promised investors a 1% return on the money they invested with her.
Furthermore, she holds the titles of CEO and Founder at a cryptocurrency-related company called Holdinga.
Bitmama established herself as a notable figure in the cryptocurrency space, garnering an impressive following of nearly 55,000 on Instagram and 7,000 on Twitter.
She shared her latest Instagram post just a fortnight ago.
A different post on the platform indicates that she was scheduled to speak at an event in Moscow on September 16.
However, her company’s website seems to be down at the moment, and there have been no updates on her X accounts since April of this year.
Another website associated with her branded Bitmama persona also seems to be offline.
According to reports from various media outlets, Fedyakina was six months pregnant at the time of her arrest. If convicted, she could potentially face a maximum sentence of up to 10 years.
Law enforcement officials apparently decided to arrest her out of concern that she might attempt to flee.
Currently, she is being held in a pre-trial detention center, awaiting a court hearing.
Who is Valeria Fedyakina, the Notable Figure in Russian Cryptocurrency Circles?
This crypto influencer possesses a UAE residence permit and has indicated Dubai as her location across various social media platforms.
Fedyakina earned recognition as one of the “10 Innovative and Driven Women Entrepreneurs to Follow in 2023,” a distinction highlighted in a listicle published by the International Business Times earlier this year.
“Crypto Queen” presence has also been acknowledged in English-language media outlets like the Arabian Post.
At 28 years of age, Fedyakina had previously discussed the potential of cryptocurrencies in evading sanctions for Russians and reportedly collaborated with a diverse group of affluent clients.
According to Moskvich Magazine, she had been involved in the cryptocurrency exchange sector for an extended period and often facilitated cash transactions for clients, along with facilitating fund withdrawals abroad for a fee.
Fedyakina asserted that she had “extensive affiliations” with both “enterprises and government-owned entities.”
The very same media source reported that Bitmama’s daily trading volume reached “tens of millions of dollars.”
In a separate incident earlier this month, law enforcement in the Russian Far East apprehended a cryptocurrency miner suspected of causing “significant” harm by illicitly connecting mining rigs directly to a local power grid.
