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A high-profile Russian influencer, popularly known as the “Queen of Crypto,” is under scrutiny for allegedly defrauding investors out of $22 million.
According to various reports in the Russian press, Valeria Fedyakina, who made a name for herself as “Bitmama,” is accused of operating a pyramid scheme that ensnared multiple victims in only two months.
Four Victims Lost $22 Million
The 24-year-old was arrested just over a year ago following lengthy investigations prompted by numerous complaints from her investors. Per the reports, some of her victims claim to have lost staggering amounts of money, with one even stating she stole about $74 million from him.
However, official investigations have so far only confirmed losses totaling slightly more than $22 million in various currencies, including crypto, from four main victims.
Detectives claim Fedyakina posed as a cryptocurrency expert, asserting she had global offices in several cities, including Dubai, Monaco, and Moscow. This facade helped her to gain the trust of potential investors, who she convinced to transfer funds under the pretext of investing in lucrative crypto ventures.
Bitmama reportedly promised investors a 1% return on their money, which she said would be converted into cryptocurrency. Such assets have become increasingly popular in Russia as the country seeks ways to bypass biting economic sanctions.
The scheme allegedly involved telling the victims that their funds would be sent to Dubai to circumvent banking restrictions. Fedyakina’s plotting wasn’t restricted to crypto alone; one victim told investigators how she lured him into investing millions in a supposed oil export scheme, promising high returns in an unreasonably short period.
Fraud Proceeds Allegedly Used to Fund Ukrainian Army
As the probe unfolded, law enforcement authorities discovered that the influencer had directed substantial sums to support Ukrainian military efforts, saying she was raising funds to combat Russian aggression.
However, despite the gravity of the allegations, her defense team has maintained that she never intended to deceive anyone. They have continuously denied the fraud claims, saying instead that their client is a victim of a broader unspecified conspiracy within the crypto space.
Fedyakina has also asserted her loyalty to Russia’s cause, reportedly stating that she would support its military if released.
Her legal troubles intensified when she attempted to flee Russia for the United Arab Emirates (UAE) shortly after her arrest. Given that she was six months pregnant at the time, the incident garnered a lot of attention in the media, forcing authorities to place her under a more lenient house arrest temporarily.
However, soon after she gave birth in a special maternity facility, Fedyakina was returned to detention, where reports claim she was facing harsh conditions.
Prosecutors are expected to file formal charges against her in November, and if convicted, she could face ten years in prison. They have not only accused her of facilitating illegal crypto transactions but have also charged her with orchestrating several scams targeting private investors and large corporations.
The post Russian Influencer ‘Queen of Crypto’ Facing $22M Crypto Fraud Allegations: Report appeared first on CryptoPotato.

Common Mistakes Made by Cryptocurrency Traders: How to Avoid Them
The cryptocurrency market is a thrilling yet volatile environment that attracts traders from all backgrounds. However, many new (and even seasoned) traders often make mistakes that can significantly impact their profitability. Here’s a rundown of common pitfalls and tips on how to avoid them.

1. Lack of Research
The Mistake
Many traders jump into trading without fully understanding the asset they’re dealing with. They might rely on hype or social media trends rather than conducting thorough research.

How to Avoid It
Before investing in any cryptocurrency, take the time to learn about the project, its use case, the team behind it, and market trends. Utilize resources like whitepapers, community forums, and news articles to get a comprehensive understanding.

2. Emotional Trading
The Mistake
Emotions like fear and greed can lead to impulsive decisions, causing traders to buy high during a market surge or sell low during a downturn.

How to Avoid It
Develop a trading plan that outlines your entry and exit strategies, including stop-loss levels. Stick to this plan, and practice mindfulness to help keep emotions in check.

3. Ignoring Security
The Mistake
Many traders overlook the importance of securing their assets, making them vulnerable to hacks and scams.

How to Avoid It
Use reputable exchanges and wallets with strong security features. Consider using hardware wallets for long-term storage and enable two-factor authentication (2FA) on your accounts.

4. Overleveraging
The Mistake
Using leverage can amplify profits, but it also increases risk. Many traders end up over-leveraging and face significant losses when the market moves against them.

How to Avoid It
Only use leverage if you fully understand the risks involved. Start with lower leverage ratios and gradually increase them as you gain more experience.

5. FOMO (Fear of Missing Out)
The Mistake
Traders often buy into assets during hype phases, driven by FOMO, without conducting proper analysis, leading to poor investment decisions.

How to Avoid It
Stick to your trading strategy and do not rush into trades just because others are. Set clear criteria for when to enter or exit a position and adhere to them.

6. Not Keeping Records
The Mistake
Many traders fail to keep track of their trades, making it difficult to analyze performance and learn from past mistakes.

How to Avoid It
Maintain a trading journal that includes details about your trades, including entry and exit points, reasons for the trade, and outcomes. This will help you identify patterns and improve your strategy.

7. Neglecting Diversification
The Mistake
Putting all your funds into a single cryptocurrency can be risky. If that asset suffers a downturn, your entire portfolio can take a hit.

How to Avoid It
Diversify your investments across multiple assets to mitigate risk. Consider allocating funds to different sectors within the crypto space, such as DeFi, NFTs, and stablecoins.

8. Chasing Losses
The Mistake
After experiencing a loss, some traders might double down on their investments in an attempt to recover quickly, often leading to greater losses.

How to Avoid It
Accept losses as part of trading. Instead of chasing losses, take a step back to reassess your strategy and focus on making informed decisions moving forward.

Conclusion
While trading cryptocurrencies can be lucrative, it's essential to be aware of common mistakes that can lead to significant losses. By educating yourself, developing a solid trading plan, and practicing sound risk management, you can enhance your trading experience and increase your chances of success. Always remember: the key to thriving in the crypto market lies in patience, discipline, and continuous learning.