Russian ‘Crypto Queen’ Reportedly Arrested in Moscow
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
Police in Russia have reportedly arrested an entrepreneur and “crypto influencer” known as Bitmama, aka the “Queen of Crypto,” on fraud charges.
Per Moskvich Magazine and the Telegram-based news networks Baza and Readovka, Valeria “Bitmama” Fedyakina was detained by police on September 15 after an “acquaintance” filed a fraud complaint.
The unnamed “acquaintance” claimed Fedyakina had duped him into handing over almost $70 million.
Police reportedly believe that other individuals also invested their money with Fedyakina, but suspected that she was in fact operating a “financial pyramid.”
When the allegations came to light, the media outlets reported, Fedyakina allegedly attempted to “escape” with her investors’ funds.
The outlets described her “disappearance” as “sudden” and occurring “around a week before her arrest.”
Fedyakina reportedly told investors that they could expect 1% returns on funds they deposited with her.
She is also the CEO and Founder of a crypto-related firm known as Holdinga.
Bitmama positioned herself as a crypto influencer, and amassed almost just short of 55,000 Instagram followers, as well as 7,000 followers on X (Twitter).