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Russian influencer faces 10 years in prison for $22M crypto fraud

Russian influencer faces 10 years in prison for $22M crypto fraud

Grafa2024/10/23 10:05
By: Isaac Francis

Valeria “Bitmama” Fedyakina, a Russian influencer, is facing up to 10 years in prison after being charged with defrauding four Russian businessmen in a $22 million cryptocurrency scam. 

Despite initial suspicions that she had committed treason by funding Ukraine’s military, current charges focus solely on economic crimes and crypto fraud.

Fedyakina allegedly operated a fraudulent cross-border payment scheme that targeted businessmen seeking to move money overseas amid international sanctions on Russia. 

She promised these businessmen that she could facilitate cross-border transfers using cryptocurrency, a popular method to bypass economic restrictions. 

Fedyakina presented herself as an international entrepreneur with an energy transport business that would generate extra earnings, making the scheme seem more appealing.

According to reports, the businessmen claimed Fedyakina convinced them by offering a zero-fee service, sweetened by additional returns. 

However, it is alleged that she deceived them and stole their funds.

The case first attracted attention when accusations arose of her involvement in funding the Ukrainian war effort. 

Yet, Russian state media outlet TASS reported that her current charges are solely related to large-scale fraud, not high treason. 

Citing court documents, TASS stated that investigators concluded the case by charging her with four counts of fraud, and four individuals were identified as victims.

“The investigative body has completed the investigation of the criminal case against Valeria Sergeevna Fedyakina, who committed fraud by theft of property through deception on an especially large scale,” TASS quoted. 

The state media outlet also noted that Fedyakina was pregnant at the time of her arrest and has since given birth, which may affect her sentencing options.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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