Blogger "Bitmama" faces 10 years in prison in crypto fraud case
Date: 2025-05-23 Author: Henry Casey Categories: BUSINESS
Svetlana Fedyakina, better known in the crypto community as "Bitmama," could face up to ten years in prison. Her trial is coming to an end, and the prosecutor's office is insisting on the maximum sentence. In addition, the prosecution is demanding that she pay compensation in the amount of about 2.2 billion rubles (about $21.3 million) and a fine of 1 million rubles.
Investigators accuse Fedyakina of large-scale fraud related to the illegal exchange of fiat funds for cryptocurrency. She allegedly misled investors by promising returns of up to 30% per annum on investments in digital assets. However, according to the investigation, the money was not sent to investments, but to accounts controlled by Fedyakina herself.
Special attention is paid to the version that "Bitmama" used a popular scheme of fictitious cross-border transfers in 2022, which spread in Russia against the backdrop of international sanctions. At least four entrepreneurs from Russia fell victim to the fraud.
Fedyakina allegedly created the image of a successful crypto broker with offices in various countries - from Moscow to Monaco, including Dubai, Serbia and Turkey. However, investigators believe that this was only part of a carefully constructed legend. The Investigative Committee also believes that the structure she built is a financial pyramid.
The media indicate that the blogger actively used social networks to promote her services and attract new clients. After receiving funds, communication with investors was cut off, and the assets were transferred to cryptocurrency wallets under her control.
Fedyakina herself does not admit her guilt and claims that she became a victim of betrayal by former business partners. According to her, the arrest was organized by competitors who were trying to take over her business.
The businesswoman's lawyers asked the court to take into account the fact that she recently gave birth to a child in prison and to soften the preventive measures. However, the petitions were rejected. The court pointed out the high risk of escape, since Fedyakina has a residence permit in the United Arab Emirates.
Thus, "Bitmama" risks spending a significant amount of time behind bars, despite loud statements about her innocence and intention to fight for her reputation.
