Arrest of Vladimir Smerkis: Another Crypto CEO, Another Collapse? 🚨🔍

The crypto space just got hit with another scandal.

On May 17th, 2025, Moscow’s Zamoskvoretsky Court arrested Vladimir Smerkis on charges of large-scale fraud involving $15M of investor funds.

But is this a one-time slip or part of a pattern? Let’s break it down:

1. The Token Fund (2017–2018):

• Raised $8M from investors in BTC and ETH.

• Capital reportedly peaked at $30M, but payments suddenly stopped in 2018.

• No asset distribution records. Funds vanished.

2. Tokenbox (2018–2019):

• Raised $7M through an ICO for TBX tokens.

• Price tanked 99.8% in just one month.

• No utility, no audits, but plenty of volume spikes — classic pump-and-dump?

3. #BLUM (2023–2025):

• Raised $5M with backing from major VCs like gumi Cryptos and OKX Ventures.

• Promised a hybrid CeDeFi exchange and AI trading.

• Delivered a basic Mempad instead.

• Token launch delayed indefinitely.

• User rewards system “Blum Points” was wiped clean in September 2024.

Now, Smerkis claims innocence, but his track record raises serious questions.

• Aggressive marketing, minimal delivery, zero transparency.

• Pattern of attracting millions in funding, launching underdeveloped platforms, then disappearing.

Crypto’s already fighting for legitimacy, and cases like this only make it harder.

The real question: How many more Smerkis-type stories are out there?

Is this just bad luck — or a pattern we’re choosing to ignore?

Drop your take below. The truth behind the hype is coming out. 👇💥