Valeria “Bitmama” Fedyakina, a Russian influencer, faces 10 years in prison for $22 million crypto fraud. Law enforcement previously suspected her of treason but recently charged her with economic crimes alone.

Fedyakina allegedly defrauded at least four Russian businessmen with a phony cross-border payment scheme.

Cross-Border Payments Fraud

According to a recent report from New York Post, Russian influencer Valeria “Bitmama” Fedyakina is nearing a trial for $22 million in alleged crypto fraud. She faces 10 years in prison if found guilty. Law enforcement officials arrested her in September 2023, and the state’s case relies on the testimony of four defrauded businessmen.

Read More: Top Cryptocurrency Scams in 2024

The center of Fedyakina’s scam operation was crypto’s use in cross-border payments, which have become particularly popular in Russia. The country is currently under international sanctions since the Ukraine invasion, and cryptocurrency can help private and institutional users evade these sanctions. Fedyakina allegedly posed as a facilitator for this exact use case.

According to these four defrauded individuals, Fedyakina portrayed herself as an international entrepreneur and investor who could help Russian businessmen move money abroad via crypto. She also promised to “sweeten the deal” by claiming that she would not charge for this service, but actually pay extra thanks to an convoluted energy scheme. Instead, she stole everything.

Reportedly, her crimes went far further, and Fedyakina attempted to fund Ukraine’s war effort with these assets. This claim has appeared in previous coverage, and state prosecutors apparently suspected her at one point. However, a more recent story from Russian state media outlet TASS quotes extensively from court documents.

“The investigative body has completed the investigation of the criminal case against Valeria Sergeevna Fedyakina, who committed fraud, that is, theft of someone else’s property by deception, on an especially large scale. In the final version, she was charged with committing four episodes of fraud, and four people were recognized as victims in the case,” it quoted.

In short, there’s no mention of high treason. TASS claims that Fedyakina was pregnant at the time of her arrest and has since given birth.

She may be able to request a lighter or deferred sentence on these grounds. This sort of leniency would not be appropriate for someone directly aiding an enemy war effort.

Read More: Crypto Social Media Scams: How to Stay Safe

Still, if nothing else, Fedyakina’s case represents a particular danger in the crypto space. Sophisticated phishing efforts are on the rise, and her operation was based on a very real use case in Russia.

Scammers often have a legitimate outward appearance and target desperate people. Several security solutions can help minimize users’ personal risk.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.