Valeria Fedyakina, known as the 'Crypto Queen', has been accused of large-scale fraud amounting to over $22 million, reportedly used to fund the Ukrainian army. She faces accusations of deceiving investors and engaging in fraudulent cryptocurrency schemes.

The 'Crypto Queen' Fraud Case

Valeria Fedyakina, a 24-year-old Russian influencer, gained investors' trust through social media by portraying herself as an expert in cryptocurrency and digital assets. She now faces multiple counts of 'large-scale' fraud. Four victims have come forward about their losses. According to (TASS), the investigative committee completed investigations, alleging Fedyakina tricked victims into transferring money to a Dubai crypto account to avoid banking restrictions. Investors were promised bonuses once their funds were converted to crypto.

Fraud Schemes and Financial Operations

Police revealed Fedyakina managed to steal about $22 million in just two months. She engaged in illegal activities using various currencies, including cryptocurrency. The investigative committee noted she conducted over-the-counter crypto transactions and international money transfers without bank accounts. Bitcoin was primarily used for transfers between Moscow and Dubai. She is also accused of providing currency conversion services.

Arrest and Upcoming Legal Proceedings

Fedyakina was arrested last year in September while attempting to leave Russia for the UAE. She faces up to 10 years in prison if convicted. At the time of the arrest, she was six months pregnant, but the court denied house arrest, forcing her return to detention after giving birth. Her defense denies fraud charges and claims she supports Russia’s invasion of Ukraine. Her lawyers argue she is a victim of a conspiracy.

Court hearings for Valeria Fedyakina’s case are set to commence in November, with significant implications for all parties involved. The charges raise questions about cryptocurrency regulation and investor protection in Russia.