"Queen of Crypto," Russian Valeria Fedyakina, Faces Allegations of $22 Million Pyramid Scheme

Valeria Fedyakina, famously dubbed the "Queen of Crypto" in Russia, has become the center of a scandal involving allegations of a $22 million pyramid scheme. Known in the crypto community as "Bitmama," Fedyakina’s promise of high returns lured in investors from across the globe. Now, accusations claim that she defrauded these individuals, convincing them to place their life savings into what she described as secure and lucrative crypto ventures. However, as the investigation unfolds, losses are reportedly even greater, with one investor claiming a staggering $74 million theft.

Allegations of Fund Misuse

According to investigators, a significant portion of these investments was allegedly funneled into funding Ukrainian military efforts—a shocking revelation given Fedyakina’s public declarations of loyalty to Russia. This aspect of the case has intensified backlash, as many investors now feel betrayed not only financially but also on nationalistic grounds.

The Dramatic Legal Battle

In a series of dramatic events, Fedyakina’s legal troubles escalated as she attempted to flee to the UAE while pregnant. She was ultimately placed under house arrest, only to be returned to detention following the birth of her child. As her legal team argues that she is the victim of a larger conspiracy, Fedyakina awaits potential fraud charges in November, facing up to ten years in prison if convicted.

The once-glamorous figure in the Russian crypto world now faces intense scrutiny, with her once-celebrated reputation cast in doubt. For her family, victims, and the public who followed her rise, the outcome of her trial will be watched closely as her fate—and potentially millions in lost funds—remain uncertain.

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