Russian Citizen “Bitmama” Russian Lady Gets 7 Years $23 Million Crypto Fraud

The post Russian Person “Bitmama” Russian Lady Gets 7 Years $23 Million Crypto Rip-off appeared on BitcoinEthereumNews.com.Key Insights: Russian lady, Valeria Fedyakina, “Bitmama,” got a seven-year jail sentence in Russia for organizing a $23 million Bitcoin pyramid scheme. She defrauded investors by pretending to assist them bypass Western sanctions. She was apprehended while attempting to flee to the UAE, and is set to invest almost ten years behind bars. Russia apparently just experienced one of its biggest crypto criminal activity cases to date. According to reports, a self-proclaimed crypto specialist called “Bitmama” has actually been sentenced to 7 years in jail. Valeria Fedyakina, a 30-year-old mom from Simferopol, was found guilty of defrauding financiers out of 2.2 billion rubles (worth roughly $23 million or ₤ 17 million at the time). Here’s how the entire ponzi plan played out, and took tens of millions from investors in simply 2 months. Russian Woman Takes Millions From Investors According to reports, Valeria Fedyakina set herself up as a trustworthy crypto expert. She operated under the brand “Bitmama” or “Bitmama Finance,” and claimed to be running an around the world operation through which investors could convert their funds into crypto offshore (generally in Dubai). She had a basic organization plan, and investors seemed to buy it. She provided to assist customers bypass Western sanctions enforced on Russia after its Ukraine invasion, and swap rubles for crypto abroad. She even reached to assure them a small reward of 1% on every transaction, which seemed to work completely when integrated with her public image. Much of these clients supposedly handed her bales of money, wanting to make the most of the crypto market boom. A Pyramid Plan All Along Behind the scenes, nevertheless, “Bitmama” was running a pyramid plan. Instead of investing client funds, she presumably funneled the cash into her own crypto wallets in the UAE. In just 60 days …

The post Russian Person “Bitmama” Russian Lady Gets 7 Years $23 Million Crypto Rip-off appeared on BitcoinEthereumNews.com.Key Insights: Russian lady, Valeria Fedyakina, “Bitmama,” received a seven-year jail sentence in Russia for organizing a $23 million Bitcoin pyramid scheme. Russian Female Steals Millions From Financiers According to reports, Valeria Fedyakina set herself up as a trustworthy crypto specialist. She operated under the brand names “Bitmama” or “Bitmama Finance,” and declared to be running an around the world operation through which investors could convert their funds into crypto overseas (generally in Dubai).

Secret Insights: Russian lady, Valeria Fedyakina, “Bitmama,” received a seven-year jail sentence in Russia for organizing a $23 million Bitcoin pyramid plan. She defrauded investors by pretending to assist them bypass Western sanctions. She was arrested while trying to get away to the UAE, and is set to spend almost 10 years behind bars. Russia reportedly just experienced among its biggest crypto crime cases to date. According to reports, a self-proclaimed crypto professional known as “Bitmama” has actually been sentenced to 7 years in prison. Valeria Fedyakina, a 30-year-old mom from Simferopol, was found guilty of defrauding financiers out of 2.2 billion rubles (worth roughly $23 million or ₤ 17 million at the time). Here’s how the whole ponzi plan played out, and stole tens of millions from investors in simply 2 months. Russian Woman Steals Millions From Financiers According to reports, Valeria Fedyakina set herself up as a credible crypto professional. She ran under the brand names “Bitmama” or “Bitmama Financing,” and claimed to be running an around the world operation through which investors might transform their funds into crypto offshore (generally in Dubai). She had an easy organization plan, and financiers seemed to buy it. She used to assist clients bypass Western sanctions imposed on Russia after its Ukraine intrusion, and swap rubles for crypto abroad. She even went as far as to guarantee them a small perk of 1% on every transaction, which appeared to work perfectly when combined with her public image. Many of these customers supposedly handed her bales of cash, hoping to benefit from the crypto market boom. A Pyramid Plan All Along Behind the scenes, nevertheless, “Bitmama” was running a pyramid plan. Rather than investing client funds, she apparently funneled the cash into her own crypto wallets in the UAE. In just 60 days during 2023, 4 victims alone lost a staggering 2.2 billion rubles. Reports reveal that some days saw transactions as high as $15 million. These, which she often processed in high-end Moscow hotels where she organized meetings with clients. According to the Russian Investigative Committee, Fedyakina pretended to be a financier in the oil, gold and basic commodity market. A spokesperson for the committee stated she acted with “criminal intent to take money or crypto by deceiving an ‘indefinite’ variety of people.” Attempted Escape and Arrest Her failure came, however, in September 2023. The pyramid plan had already started to unwind at this point, and financiers were ending up being suspicious. Bitmama tried to leave Russia for the UAE, which is understood for its crypto-friendly policies and historically loose KYC/AML enforcement. She was detained at the border, while attempting to leave the country. Reportedly, the Russian woman was 6 months pregnant at the time, while Russian authorities held her in custody. She later gave birth to her child before being put behind bars with her daughter at Moscow’s SIZO No. 6 detention center. The Russian Lady Trial and Sentencing Recently, nevertheless, the Presnensky District Court in Moscow sentenced the Russian to 7 years in a penal colony. This is in contrast to the at first looked for ten years from district attorneys under Russian fraud laws. In addition to prison time however, Bitmama has been ordered to pay back the complete $23 million in payment to her victims: Just that now, when adjusted for inflation, this figure is now close to ₤ 20 million. According to reports, this incident is not isolated. There is a continuous pattern in which individuals and entities in Russia are progressively utilizing crypto to prevent sanctions and even fund unlawful operations. A different Reuters examination earlier this year showed how Russia’s Federal Security Service (FSB) has actually apparently been using Bitcoin to pay young, inexperienced spies across Europe. Overall, while Fedyakina “Bitmama” sits in a Russian chastening nest, the crypto crime trend continues with new cases nearly every day. Source: https://www.livebitcoinnews.com/russian-citizen-bitmama-russian-woman-gets-7-years-23-million-crypto-scam/

According to reports, a self-proclaimed crypto expert known as “Bitmama” has been sentenced to 7 years in jail. Russian Lady Steals Millions From Investors According to reports, Valeria Fedyakina set herself up as a credible crypto expert. She operated under the brand name names “Bitmama” or “Bitmama Finance,” and claimed to be running an around the world operation through which financiers might transform their funds into crypto overseas (primarily in Dubai). She provided to assist clients bypass Western sanctions imposed on Russia after its Ukraine intrusion, and swap rubles for crypto abroad. In general, while Fedyakina “Bitmama” sits in a Russian chastening nest, the crypto criminal offense pattern continues with brand-new cases practically every day.