A glamorous Russian influencer known as the ‘Queen of Crypto,’ Valeria Fedyakina, 24, has been accused of scamming investors out of £17 million while falsely claiming she was funding the Ukrainian army. Authorities allege that Fedyakina portrayed herself as a cryptocurrency expert, amassing her fortune within just two months through a pyramid scheme targeting multiple victims.
Operating under the alias Bitmama on social media, the pregnant content creator reportedly claimed to have established crypto offices across Moscow, Dubai, Monaco, Serbia, and Turkey. Victims have alleged staggering losses, with one individual accusing her of defrauding him of nearly £54 million.
Russian police have spent the past year investigating Fedyakina after initial allegations from the Kremlin suggested she was running a massive scam to financially support Ukraine. Her lawyers have denied any intention to divert funds to aid Ukraine’s military efforts against Russia.
Investigators claim that Fedyakina executed her elaborate scheme by convincing investors to transfer their money to a Dubai-based crypto operation to bypass banking restrictions. Victims reported that she promised a 1% bonus on the funds they sent her once converted to cryptocurrency.
One victim recounted how Fedyakina successfully persuaded him to invest millions into a seemingly lucrative oil export scheme, lured by promises of remarkable returns in an unreasonably short timeframe. However, the significant sums of money quickly vanished, allegedly diverted to support Ukraine’s armed forces.
Fedyakina was arrested in September 2023 while attempting to flee Russia for the United Arab Emirates. She faced suspicions of orchestrating a pyramid scam, with investigators confirming total losses of £17 million from four victims over less than 60 days in 2023.
The Investigative Committee of Russia accused her of duping investors with guarantees of rapid profits from purported digital money ventures, asserting that Fedyakina had criminal intent to steal funds by deceiving numerous individuals. She allegedly masked her fraudulent activities behind claims of investments in oil, gold, and other commodities.
Fedyakina is expected to be formally charged next month and could face up to a decade in prison if convicted. Prosecutors also allege she facilitated illegal cryptocurrency transactions and orchestrated multiple sophisticated scams targeting private investors and corporations.
At the time of her arrest, Fedyakina was six months pregnant. Despite her condition, the court opted not to grant her house arrest. Following the birth of her daughter in a special maternity hospital, she was returned to detention and subsequently transferred back to jail.
Fedyakina’s defense has denied the fraud allegations, claiming she supports Russia’s military efforts and is willing to donate funds to assist Moscow in its invasion of Ukraine. They assert that she is a victim of a cryptocurrency conspiracy.