Vladimir Smerkis No Longer CEO of Blum Following Fraud Allegations

Vladimir Smerkis, co-founder of Blum ($BTC C) and former Binance executive, has reportedly been arrested in Moscow on charges of large-scale fraud. According to local media, the Zamoskvoretsky District Court detained Smerkis earlier this week as part of an ongoing criminal investigation. Specific details surrounding the allegations have not yet been made public.

In light of these developments, Blum ($BNB issued an official statement to its 5.3 million followers on X, clarifying that Smerkis is no longer affiliated with the company. The firm has publicly distanced itself from its co-founder in an apparent effort to maintain transparency and reassure investors.

The incident has sparked renewed concerns over the accountability of crypto executives and the broader impact of such cases on investor confidence within the industry.