Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Valeria Fedyakina, known as Russia’s “crypto queen” or “Bitmama,” allegedly accepted “suitcases full of cash” from individuals utilizing her “exchange services” to transfer money internationally.
The television news channel Vesti has broadcast an in-depth investigation into Fedyakina’s operations. The segment featured videos, reportedly recorded by Fedyakina herself, depicting the crypto influencer unpacking suitcases filled with euro banknotes.
‘Crypto Queen’ ‘Recorded Herself with Suitcases of Cash’
Authorities believe she collected cash from clients wishing to send money to Dubai, employing Bitcoin (BTC) as a remittance method.
They also suspect she was behind various crypto-related fraudulent schemes.
Fedyakina amassed a significant following on social media, where she crafted the persona of a wealthy jet-setter who amassed her wealth through cryptocurrency.
Images posted on Fedyakina’s Instagram page. (Source: bitmama888/Instagram)
Izvestia has reported that prosecutors have finalized a preliminary investigation into the self-proclaimed “crypto queen.”
Unnamed sources informed the media outlet that Fedyakina and her legal representatives are “currently reviewing the case materials.”
The same source indicated that a division of the Moscow City Court had also prolonged her detention “until December 15.” Fedyakina’s legal team has reportedly “appealed the decision.”
Large-scale Fraud Charges
Among other allegations, “Bitmama” faces accusations of committing “fraud on an especially large scale.”
The internet personality was apprehended 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 claims to have given Fedyakina over “6.7 billion rubles [almost $70 million] in cash.”
A news reporter demonstrates how much money could fit into the kind of “cash-filled suitcases” Bitmama’s offices allegedly received from customers. (Source: Vesti/Smortim/Screenshot)
“You could fit a million dollars into a suitcase like this,” a news reporter explained during the broadcast.
Related Posts
The media outlet spoke with a Russian man who claimed to have utilized Fedyakina’s crypto-based “cash transfer” services.
The man’s identity and voice were concealed, but he conveyed to 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 convinced investors to contribute their funds to “fraudulent” projects, including hotel ventures based in Dubai and “oil”-related initiatives.
The same anonymous individual informed Vesti that Fedyakina had “offered” him the opportunity to invest in an “oil-buying project.” He stated:
“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.”
Presentation materials for an allegedly bogus Bitmama project, inviting investors to pool their money and buy an oil tanker. (Source: Vesti/Smortim/Screenshot)
‘Financial Genius’
Ivan Mironov, an attorney for one of the alleged victims of the so-called Crypto Queen, explained:
“Fedyakina used official-looking documents and serious-looking PR materials […]. She aimed to create the impression that she was a financial genius capable of turning over a billion [rubles] in a day.”
The influencer has been incarcerated for over a year as investigators continue their inquiry. Her legal team had requested a court to release her, as she was pregnant at the time of her initial arrest.
The court denied the request, and she later gave birth while still in custody. Officials report that Fedyakina has been relocated to a special cell equipped with childcare facilities.
Fedyakina in a police detention center earlier this year. (Source: Vesti/Smortim/Screenshot)
The media outlet concluded that with the prosecution now prepared to present its case at trial, Fedyakina’s attorneys are organizing her defense.
If found guilty, Fedyakina could face up to 10 years in a penal colony.
The post Russia’s ‘Crypto Queen’ Was Handed ‘Suitcases Full of Cash,’ as Prosecutors Wrap Investigation appeared first on Cryptonews.
