Russian social media influencer Valeria “Bitmama” Fedyakina is facing serious allegations of embezzling $22 million in cryptocurrency. She has been charged with attempted cross-border internet payment fraud, a crime that could lead to 10 years in prison. This case has drawn attention because of its impact on both the crypto industry and international finance.
At first, there were rumors that Fedyakina had used her funds to support the Ukrainian military or other militia groups. However, the current charges focus only on her alleged fraud within the cryptocurrency market.
Fedyakina is accused of tricking four Nigerian businessmen by offering them a supposedly profitable chance to exchange cash internationally using Bitcoin technology. This method became popular in Russia, especially after various sanctions were imposed due to the ongoing conflict in Ukraine.
Presenting herself as an international businesswoman, Fedyakina claimed she could help transfer money across borders using crypto assets. She also attracted more victims by promoting a fake energy transport investment plan that promised high returns. Instead of delivering on her promises, she allegedly stole their money, leaving these businessmen facing significant financial losses.
Despite initial claims about supporting the Ukrainian military, many media outlets have not reported on the specific charges now facing Fedyakina in court. According to the Russian state media outlet TASS, the allegations are primarily about economic crimes and scams.
Fedyakina was arrested while pregnant and has since given birth, which may lead to a lighter sentence due to her new status as a mother.
Fedyakina’s experience shows that free crypto space can be filled with scams, especially when a large amount of money is at stake as in cross-border payment. Most of the time they will always use the guise of legit business to con their victims.
As the use of crypto continues to rise in sanctioned nations such as Russia, it is imperative that the sector step up its security and precaution measures even further.
What do you think about this shocking case? Share your thoughts.
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