Mystery Surrounding "Bitmama" and Her Alleged Cryptocurrency Scam

Bitmama detained in Moscow for alleged cryptocurrency fraud

Valery Fedyakin, popularly known as Bitmama, has been detained in Moscow on charges of fraud. The 28-year-old, known for her involvement in cryptocurrency exchange, is accused of a colossal scam involving 6.7 billion rubles (approximately $180 million) received from a client for crypto exchange and overseas transfer. This incident has stirred speculation and raised questions about the true nature of her activities.

Bitmama had made a name for herself as someone adept at facilitating the seamless withdrawal of funds abroad through cryptocurrency exchanges. Her unique approach to the market gained her considerable attention and success. While the details of her background remain somewhat unclear, it is known that she transitioned into cryptocurrency transactions in Moscow, having possibly come from Crimea.

Bitmama managed to merge two distinct identities in the cryptocurrency world. On one hand, she portrayed herself as a knowledgeable expert well-versed in the intricacies of digital currencies, participating in forums and providing expert commentary. Her choice of the pseudonym "Bitmama" played a part in establishing her reputation.

Bitmama portrayed as a crypto expert and flaunted wealth

On the other hand, Bitmama flaunted her wealth, suggesting that her success was a result of her cryptocurrency expertise. This was evident in her social media posts featuring luxury items and glamorous lifestyle. She associated with high-profile individuals, attending events like the Fashion Summer Awards 2023 alongside celebrities like Philip Kirkorov, Dima Bilan, Yana Rudkovskaya, and Dmitry Malikov.

Her success linked to unique cryptocurrency exchange approach

Bitmama's success was attributed to a novel proposition in the cryptocurrency market. Unlike conventional brokers who charge a fee for exchange and transfer of crypto funds, she purportedly paid her clients extra. She claimed to conduct money exchanges through metals, oil, and precious stones, leveraging her connections with top managers of state corporations.

Despite skepticism and comparisons to financial pyramids, her clients were reportedly satisfied, receiving returns that exceeded expectations. However, experts in the crypto business believe her operation bore similarities to a classic financial pyramid scheme.

Accused of receiving 6.7 billion rubles from a client

Bitmama's daily turnover was estimated to reach as high as $30 million. The reported 6.7 billion rubles, which forms the basis of the investigation, marked the culmination of her activities.

Mystery surrounds client or clients behind the massive crypto transfer

Yet, the circumstances surrounding her arrest remain shrouded in mystery. Little is known about the source of the massive funds involved. Some speculations suggest that the primary objective of law enforcement may not be Bitmama herself but rather her client or a group of clients responsible for moving an astronomical sum of money abroad through cryptocurrency. This secrecy surrounding the case suggests that the investigation is focused on more than just Bitmama's individual activities.

Bitmama's detention sparks intense interest in the crypto community

Bitmama's detention has sparked intense interest, as she possibly holds critical information about former clients, the amounts involved, and other financial details. The case continues to unfold with many questions yet to be answered.