A glamorous Russian influencer known as the ‘Queen of Crypto’ scammed unsuspecting investors out of more than $22 million which she then sent to Ukrainian troops amid the ongoing war, according to reports .
Russian authorities say Valeria Fedyakina, 24, presented herself as a cryptocurrency expert on social media to gain the trust of at least four victims from whom she then stole millions, NewsX reported.
The influencer, known as “Bitmama” on social media, posed as a cryptocurrency expert with offices in Moscow, Dubai, Monaco, Serbia and Turkey and convinced her victims to confide in her their millions, CryptoNews also reported.
His victims reported losing huge amounts of money, including one who reported losing $70 million.
After completing their investigation, police said that Fedyakina managed to steal around $22 million in just two months.
Police say Fedyakina carried out the scam by convincing investors to move their money to Dubai crypto to avoid banking restrictions.
The victims said she then promised them a 1% bonus on the money they sent her once it was converted to crypto.
However, the money quickly disappeared when Fedyakina channeled it to the Ukrainian armed forces to help them in their fight against the Russian invasion.
Fedyakina was arrested in September 2023 while trying to leave Russia on a flight to the United Arab Emirates and placed in pre-trial detention.
She is expected to be formally charged next month and faces up to 10 years in prison if convicted, according to reports.
At the time, she was six months pregnant, but the court refused to give her a lighter sentence, house arrest. She was forced to return to detention after giving birth in a special maternity ward.
Fedyakina’s defense denied the fraud allegations and told Russian media that she supported the invasion of the country and was ready to donate funds to support Moscow’s army.
Her lawyers also claimed she was the victim of a conspiracy and used her own funds to pay clients who she said never paid her back.