Russia’s ‘Crypto Queen’ Was Handed ‘Suitcases Full of Cash,’ as Prosecutors Wrap Investigation
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
Russia’s “crypto queen” Valeria Fedyakina, aka “Bitmama,” reportedly took “suitcases full of cash” from people who used her “exchange services” to send money abroad.
The TV news channel Vesti has aired a detailed exposé of Fedyakina’s activities. The report included videos, seemingly taken by Fedyakina herself, showing the crypto influencer opening suitcases filled with euro banknotes.
Prosecutors and police think she took cash from people who wanted to send funds to Dubai, using Bitcoin (BTC) as a remittance tool.
They also think she orchestrated a range of crypto-themed fraud projects.
Fedyakina built up a sizeable following on social media, where she cultivated the image of an affluent jet-setter who had built her fortune with crypto.
Izvestia, meanwhile, reported that prosecutors have completed a preliminary investigation into the self-styled “crypto queen.”
Anonymous sources told the media outlet that Fedyakina and her lawyers are “currently reviewing the case materials.”
The same source claimed that a branch of the Moscow City Court had also extended her detention “until December 15.” Fedyakina’s legal team has reportedly “appealed the decision.”
Among other charges, “Bitmama” has been accused of charges of committing “fraud on an especially large scale.”
The internet celebrity was arrested in Moscow over a year ago on charges of “cryptocurrency investment fraud.”
One of Fedyakina’s “victims” has been placed under state protection. This individual says he handed Fedyakina over “6.7 billion rubles [almost $70 million] in cash.”
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