A Russian social media influencer, known as the “Queen of Crypto,” has been accused of scamming investors out of over $22 million, diverting the funds to Ukrainian forces amid the ongoing war between Russia and Ukraine. Valeria Fedyakina, 24, allegedly posed as a cryptocurrency expert to dupe her victims, according to reports.
Fedyakina, who gained popularity on social media under the alias “Bitmama,” reportedly convinced at least four individuals to trust her with substantial sums of money, promising high returns from cryptocurrency investments. Claiming to have offices in major cities such as Moscow, Dubai, Monaco, Serbia, and Turkey, she built an image of credibility that helped her execute the alleged scam.
According to Russian news outlet NewsX, Fedyakina managed to steal approximately $22 million in just two months. Authorities claim she encouraged investors to transfer their funds to Dubai-based crypto platforms, purportedly to bypass banking restrictions. However, the funds quickly disappeared.
Investigations revealed that Fedyakina redirected the stolen money to Ukraine’s military, supporting their defense against Russia’s invasion. The influencer’s decision to fund Ukraine’s armed forces has sparked further controversy, especially given the strained relations between the two nations.
Russian police arrested Fedyakina in 2023 while she was attempting to flee the country. She is expected to face formal charges next month and could face up to 10 years in prison if convicted of the allegations against her. Russian authorities have yet to reveal the identities of the victims involved in the scam, but they have confirmed that the investigation is ongoing.
Fedyakina’s case has drawn widespread attention, not only for the scale of the fraud but also for the political implications of her actions. CryptoNews reported that her glamorous online persona and global presence helped her gain the trust of wealthy investors, many of whom were unaware of her intentions.
If found guilty, Fedyakina will join the growing list of crypto-related criminals who have used digital currencies to exploit unsuspecting investors. With cryptocurrency scams on the rise globally, this case highlights the potential risks associated with investing in unregulated digital assets.
The Russian influencer’s alleged crime adds a unique layer to the ongoing conflict between Russia and Ukraine, as it underscores how financial technology can be leveraged in unexpected ways during times of war. The full extent of Fedyakina’s involvement and the details surrounding her alleged scam will likely unfold as the trial progresses.