Michaela Alvez
Russian influencer Valeria Fedyakina, known as Bitmama, has been accused of embezzling large sums of money, including Bitcoin and UAE dirhams, amounting to at least 2.2 billion rubles ($21.3 million).
According to the Russian state-run news agency TASS, Fedyakina, dubbed the “Crypto Queen,’ allegedly enticed clients with opportunities to invest in cryptocurrency and promised substantial returns.
However, prosecutors argue that Fedyakina failed to fulfill these promises, instead vanishing with her clients’ funds shortly after receiving them. This led to accusations of large-scale fraud and embezzlement against the Russian influencer.
Image source: Bitmama Instagram
Bitmama amassed a significant social media following by frequently sharing images and videos that showcased her lavish lifestyle, captivating her audience with glimpses of luxury. She presented herself as a “crypto broker” for businesses, often using slogans like “In Bitcoin we trust” to bolster her credibility and attract clients.
The court has ordered the freezing of Fedyakina’s bank accounts, cryptocurrency wallets, and other assets in an effort to compensate the victims. Despite the accusations, she maintains her innocence.
Fedyakina now faces prosecution under Article 159 of the Russian Criminal Code, which could result in a sentence of up to 10 years in prison and a fine of up to 1 million rubles (approximately $9,700).
Despite Fedyakina’s claims of innocence, the news agency states that the investigation remains “ongoing.”
The influencer’s legal team has appealed to Moscow courts for her release on humanitarian grounds, citing her pregnancy at the time of her arrest and the birth of her child while in custody. However, the court rejected the request, noting concerns over her UAE residence permit and the potential flight risk she poses.
In September 2023, Fedyakina was briefly detained on accusations of transferring funds to the Armed Forces of Ukraine. Since then, investigators have alleged that she operated an illegal cryptocurrency exchange using Bitcoin and other digital currencies to facilitate the movement of Russian citizens to Dubai.
Multiple individuals have come forward, accusing Fedyakina of tricking them into investing in a supposed private “oil export” venture. Investigative reports have uncovered promotional materials bearing the Bitmama brand, detailing how “investors” could combine their funds and Bitcoin to purchase an oil tanker.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
