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.
‘Crypto Queen’ ‘Filmed Herself with Suitcases of Cash’
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.”
Large-scale Fraud Charges
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.”
“You could fit a million dollars into a suitcase like this,” a news reporter explained during the broadcast.
The media outlet interviewed a Russian man who claimed to have used Fedyakina’s crypto-powered “cash transfer” operations.
The man’s identity and voice were disguised, but he told the media outlet:
“[Fedyakina told me:] ‘I have people who work in armored cars. They come, and they take cash from you. They bring it to my office. You hand over the money here, and you receive it in Dubai.’”
The media outlet further alleged that Fedyakina persuaded investors to put their money into “bogus” schemes, including Dubai-based hotel projects and “oil”-related projects.
The same anonymous man told Vesti that Fedyakina had “offered” him the chance to invest in an “oil-buying project.” He said:
“She told me: ‘Come on. Let’s buy oil ourselves. Let’s export it ourselves. And then let’s sell it by ourselves.’ She asked me to make an initial investment of around $8 million.”
‘Financial Genius’
Ivan Mironov, a lawyer for one of the so-called Crypto Queen’s alleged victims, explained:
“Fedyakina used official-looking documents and serious-looking PR materials […]. She wanted to give the impression she was the kind of financial genius that could turn over a billion [rubles] in a day.”
The influencer has been in prison for over a year as investigators continued their probe. Her legal team had asked a court to release her, as she was pregnant when she was first arrested.
The court refused, and she later gave birth while still in custody. Officials say Fedyakina has been moved to a special cell with childcare facilities.
The media outlet concluded that with the prosecution now ready to present its case at trial, Fedyakina’s lawyers are preparing her defense.
If convicted, Fedyakina may have to serve up to 10 years in a penal colony.
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