Valeria ‘Bitmama’ Fedyakina, an influential Russian crypto entrepreneur known as the ‘Queen of Crypto,’ has been arrested in Moscow on charges of defrauding an acquaintance out of $70 million.
Fedyakina, 28, was detained on September 15 after the unnamed acquaintance filed a complaint accusing her of operating a financial pyramid scheme. Police suspect she may have defrauded other investors as well.
According to Russian media outlets Moskvich Magazine, Baza and Readovka, Fedyakina allegedly tried to disappear with investors’ funds about a week before her arrest. She had promised returns of 1% on deposited funds.
Fedyakina founded the crypto firm Holdinga and promoted herself heavily on social media as a crypto influencer, amassing 55,000 Instagram followers. She spoke of crypto’s potential for Russians to evade sanctions.
Her firm’s website is currently offline, and she hasn’t posted on social media since April. She was slated to speak at a Moscow event on September 16.
Police decided to arrest the six-months pregnant Fedyakina as she was deemed a flight risk. She could face up to 10 years in prison if convicted and is being held awaiting a court hearing.
