Russian “Queen of Crypto” Scandal: Scammed $22 M to Support Ukrainian Troops

A Russian influencer known as a “Queen of Crypto,” allegedly scammed investors out of over $22 million and funneled the funds to support Ukrainian troops during the ongoing war according to multiple reports.

Russian authorities identified the influencer as 24-year-old Valeria Fedyakina, who presented herself as a cryptocurrency expert on social media platforms. By gaining the trust of at least four victims, Fedyakina was able to amass millions, according to NewsX.

Operating under the name “Bitmama,” Fedyakina claimed to run cryptocurrency offices in several locations, including Moscow, Dubai, Monaco, Serbia, and Turkey. Her victims were convinced to hand over large sums of money, one losing as much as $70 million, as reported by CryptoNews.

After an investigation, authorities revealed that Fedyakina had stolen approximately $22 million within two months. Her method involved persuading investors to transfer funds to Dubai, supposedly to bypass banking restrictions.

Fedyakina promised her victims a 1% bonus on their money after converting it into cryptocurrency. However, the funds quickly disappeared, with the stolen amounts reportedly sent to Ukraine’s military forces in their fight against Russian aggression.

In September 2023, Fedyakina was apprehended while trying to escape Russia to the UAE. Currently held in pre-trial detention, she faces a potential 10-year prison sentence if found guilty.

Though she was six months pregnant at the time, the court denied her appeal for house arrest, and she was sent back to detention after giving birth at a specialized maternity center.

Her defense team disputes the fraud allegations, claiming that Fedyakina supports Russia’s military and is prepared to provide financial aid to Moscow’s forces.

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