✍ Arrest of Vladimir Smirkiis, former co-founder of Blum, in indictment for fraud cases

In a new development within the world of cryptocurrencies, Russian authorities have arrested Vladimir Smirkiis, the former co-founder of the Blum platform and former regional head of Binance exchange in the Commonwealth of Independent States (CIS), on charges related to fraud.

- Case details

A court in Moscow issued a decision to arrest Smirkiis in connection with accusations of large-scale fraud. The case dates back to his previous project "The Token Fund," which was launched in 2017, where he allegedly promised investors high financial returns, before the project abruptly closed in 2018 without refunding the owners.

After that, Smirkiis launched a new project called "Tokenbox," through which he raised around 7 million dollars, but it quickly failed and incurred significant losses.

- Response from Blum

Blum clarified in an official statement that Vladimir Smirkiis is no longer part of its team, that he resigned from his position as marketing director, and that he has no connection to the project or its current direction.

✍️ This event raises renewed concerns about the credibility of some cryptocurrency projects, and emphasizes the importance of thorough verification and research before making investment decisions in this volatile sector.