A high-profile Russian influencer, popularly known as the “Queen of Crypto,” is under scrutiny for allegedly defrauding investors out of $22 million.

According to various reports in the Russian press, Valeria Fedyakina, who made a name for herself as “Bitmama,” is accused of operating a pyramid scheme that ensnared multiple victims in only two months.

Four Victims Lost $22 Million

The 24-year-old was arrested just over a year ago following lengthy investigations prompted by numerous complaints from her investors. Per the reports, some of her victims claim to have lost staggering amounts of money, with one even stating she stole about $74 million from him.

However, official investigations have so far only confirmed losses totaling slightly more than $22 million in various currencies, including crypto, from four main victims.

Detectives claim Fedyakina posed as a cryptocurrency expert, asserting she had global offices in several cities, including Dubai, Monaco, and Moscow. This facade helped her to gain the trust of potential investors, who she convinced to transfer funds under the pretext of investing in lucrative crypto ventures.

Bitmama reportedly promised investors a 1% return on their money, which she said would be converted into cryptocurrency. Such assets have become increasingly popular in Russia as the country seeks ways to bypass biting economic sanctions.

The scheme allegedly involved telling the victims that their funds would be sent to Dubai to circumvent banking restrictions. Fedyakina’s plotting wasn’t restricted to crypto alone; one victim told investigators how she lured him into investing millions in a supposed oil export scheme, promising high returns in an unreasonably short period.

Fraud Proceeds Allegedly Used to Fund Ukrainian Army

As the probe unfolded, law enforcement authorities discovered that the influencer had directed substantial sums to support Ukrainian military efforts, saying she was raising funds to combat Russian aggression.

However, despite