The Russian influencer, Valeria Fedyakina, deceived investors in a crypto scheme, funneling the funds into Ukraine’s military.
Crypto Scam Defrauds Investors of $22 Million
Valeria Fedyakina, known as the “Russian Queen of Crypto,” orchestrated a massive scam. She stole over $22 million from unsuspecting investors in a cryptocurrency fraud. According to multiple reports, Fedyakina redirected the stolen funds to support the Ukrainian army amid the ongoing Russia-Ukraine conflict.
How Fedyakina Built Trust to Scam Investors
Fedyakina built her credibility by posing as a cryptocurrency expert. She targeted victims on social media, claiming to run offices in Moscow, Dubai, Monaco, Serbia, and Turkey. These elaborate deceptions convinced at least four people to trust her with their investments, which resulted in millions of dollars being lost.
The Scale of the Scam
Victims reported significant financial losses, with one investor claiming they lost as much as $70 million. Investigators found that Fedyakina managed to steal around $22 million within just two months, capitalizing on the trust she built through her influencer status and false claims of expertise.
Investors Lured with Bonus Promises
Fedyakina reportedly promised investors a 1% bonus on the funds they provided. She claimed their money would be converted into cryptocurrency, increasing its value. Instead, the money vanished, and authorities discovered the funds had been transferred to Ukraine’s military effort.
Arrest and Charges
In September 2023, authorities arrested Fedyakina while she attempted to flee Russia for the United Arab Emirates. She is currently in pre-trial detention and could face up to 10 years in prison if convicted. Russian police confirmed she used Dubai as a base to avoid restrictions imposed by Russian banks.
Fedyakina’s Defense Claims Conspiracy
Despite the damning allegations, Fedyakina’s defense team continues to deny her involvement in the fraud. Her lawyers claim she was a victim of a conspiracy. They assert that the funds Fedyakina used belonged to her, and her clients allegedly failed to pay her back. The defense also argues that Fedyakina is loyal to Russia and supports its military efforts, not Ukraine’s.
Legal Troubles Compounded by Pregnancy
Fedyakina’s legal situation is complicated by her personal circumstances. At the time of her arrest, she was six months pregnant. Although her defense requested house arrest, the court denied this and sent her to a special maternity hospital where she gave birth. Afterward, she returned to pre-trial detention, facing serious charges.
Court Proceedings to Begin Soon
The court will officially charge Fedyakina next month. As her trial looms, she remains in custody, awaiting her day in court. The case has sparked widespread attention due to the scale of the scam and the controversial political implications, given the transfer of funds to Ukraine.
Disclaimer:
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