Glam Russian crypto queen accused of £60m scam ‘used money to fund Ukraine army’

A glam Russian cryptocurrency trader arrested after allegedly pulling off a scam worth £60million has been accused of sending the cash to Ukrainian troops.

Valeria Fedyakina, known as the "Queen of Crypto," was first arrested on September 15 after suspicions arose over what cops in Moscow believe was a pyramid scheme. One "acquaintance" said they were tricked into investing $70 million (£57 million).

The 28-year-old, who also goes by the name Bitmama, reportedly said she would transfer alleged victims' money to Dubai using crypto to avoid banking restrictions. Clients claimed she promised them a one percent bonus on the cash they sent her.

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However as soon as she received the money she reportedly disappeared. Russian authorities have now claimed following her arrest that Fedyakina sent the cash to Ukrainian forces to assist in the fight against her homeland. Ukraine is currently defending itself against a brutal invasion from Russia that has been ongoing for more than 600 days.

Two other alleged victims reportedly gave her RUB 750 million (£6.5 million) to send over to Dubai. Part of this missing sum is also thought to have been transferred to the Ukrainian Armed Forces, Russian prosecutors say.

Russian cops picked Fedyakina up at the airport as she reportedly tried to flee to the UAE. She has denied the allegations against her and, according to local media, told authorities she is in favour of the invasion. She also claimed she was prepared to donate money to the Russian Army.

Fedyakina has also alleged she is the victim of a conspiracy against her. She said she used her own money to pay the client, but says they in turn never returned the money.

A hearing is set for November 15 with Moscow City Court saying she must remain in custody until then. The case is ongoing.

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