27.06.2025 23:44
A Moscow court handed down a seven-year prison sentence to Valeria Fedyakina, known as "Bitmama," for orchestrating a massive cryptocurrency scam that defrauded investors of $23 million. Fedyakina, posing as a cryptocurrency expert, lured victims with promises of substantial returns, skillfully constructing a sophisticated pyramid scheme. This elaborate deception ultimately resulted in the embezzlement of millions of dollars worth of Bitcoin within a mere two months.
Exploiting the climate of heightened banking restrictions following Western sanctions against Russia, Fedyakina enticed investors by claiming she could circumvent these limitations and convert their funds into cryptocurrencies in Dubai. This assertion proved particularly convincing given the tightening financial regulations, gaining the trust of numerous individuals. However, the Telegraph reports that rather than investing their funds as promised, Fedyakina diverted the money to her own cryptocurrency wallets located in the United Arab Emirates. Prosecutors definitively proved she never intended to use the investor funds for their intended purpose.
Further investigation revealed Fedyakina's operation, cleverly branded as "Bitmama Finance," involved meeting clients in upscale Moscow hotels, enhancing her credibility and fostering a sense of security. She reinforced her deceptive promises with fabricated returns linked to investments in gold, oil, and minerals. Testimony from a witness highlighted the scale of the scam, revealing initial daily collections ranging from $2 to $3 million, escalating to a staggering $15 million within a short timeframe. This illustrates the immense trust placed in Fedyakina and the widespread belief in the quick riches she promised, ultimately leading to the considerable financial losses suffered by her many victims. The trial concluded in the Presnensky District Court.
The case underscores the dangers of unregulated investment schemes and the manipulative tactics employed by fraudsters preying on vulnerable individuals. Fedyakina's conviction serves as a stark warning regarding the importance of due diligence and caution when considering high-yield investment opportunities, particularly in the volatile cryptocurrency market. The information for this report was gathered from internet sources.
