This Crypto Influencer Takes Away Investor Funds Worth IDR 341 Billion To Support Ukraine

The figure of Valeria Fedyakina who deceived investors with crypto investment entanglement. (DailyStar)

JAKARTA - Valeria Fedyana, an influencer from Russia known as the Queen of Crypto, has been in the public spotlight after allegedly defrauding a number of investors in a pyramid scheme worth more than 22 million US dollars or around Rp. 341 billion.

Fedyana, often dubbed "Bitmama" in cyberspace, has succeeded in attracting investors with high investment returns and access to crypto portfolios which it claims are safe and profitable. However, instead of being used for investment, the funds from these investors are reportedly channeled to support military activities in Ukraine, which further complicates its position in this case.

Citing a report from Russian media, the 24-year-old Fedyana is widely known for its luxurious lifestyle and claims as a crypto expert. He claims to have office networks in elite cities such as Dubai, Monaco, and Moscow, which have succeeded in increasing the trust of its victims.

With the allegedly fabricated background, Fedyaha managed to ensnare a number of investors, including four people who have reported heavy losses due to this scheme. One of the victims even claimed to have lost up to USD 74 million or around IDR 1.147 trillion, although authorities have so far only confirmed a total loss of USD 22 million.

In its operation, Fedyayana promises a fixed profit of 1% to investors every month. He claims the funds invested will be converted into crypto assets and used in low-risk projects.

The increasing popularity of cryptocurrencies in Russia due to global economic sanctions is one of the factors Fedyana uses to attract the attention of potential investors. He also claims that investment funds will be diverted to Dubai to avoid restrictions on Russian banking, which further strengthens the appeal of the scheme.

Furthermore, the investigation also found that Fedyana is not only targeting investors with pyramid schemes, but also offering investment in counterfeit oil projects with the lure of huge profits in a short time.

The allegation that some of the funds were used to support military activities in Ukraine further complicates the case, which now involves not only alleged fraud but also has serious legal impacts in Russia.

This case adds to the long list of crypto-based frauds in Russia, given the rampant investments of this kind amid economic uncertainty. Meanwhile, authorities continue to investigate Fedyata's involvement and seek ways to recover lost funds from the victims.