26-06-2025
‘Bitmama' jailed in Russia for stealing cryptocurrency worth £17m
A Russian mother has been jailed for seven years after scamming victims out of £17 million worth of Bitcoin.
Valeria Fedyakina, known as 'Bitmama', posed as a cryptocurrency expert with global offices, promising to make millions for investors, prosecutors said.
Instead, Ms Fedyakina emptied her clients' accounts in a ruthless pyramid scheme that left four victims 2.2 billion roubles, or at the time about £17 million, out of pocket in the space of 60 days in 2023.
She told her clients she would swap their money for cryptocurrency in Dubai in order to avoid Russian sanctions.
The victims claimed they were promised a 1 per cent bonus on the cash they sent to her once it was converted into crypto, but the money soon disappeared.
'Fedyakina had a criminal intent to steal money or cryptocurrency by deceiving an indefinite number of people,' a spokesperson for the Investigative Committee of Russia said.
'She did so under the guise of investing in her activities in the transportation and purchase and sale of oil, oil products, gold, and other minerals.'
Some reports suggested that prosecutors were claiming the stolen currency was sent to Ukraine to support the country's military in its fight against Vladimir Putin's armies.
Russian reports about her sentencing appeared to avoid mention of this, however, and The Telegraph was unable to verify these reports.
Her defence lawyers told local media that she supported Russia's invasion of Ukraine and denied committing fraud. They said she was ready to help fund the Russian army.
Ms Fedyakina was arrested as she tried to flee Russia for the UAE in 2023. Despite being six months pregnant, she was kept in a prison cell.
She later gave birth to her daughter in a special maternity hospital before being sent back to prison.
Despite her pleas, Moscow's Presnensky District Court sentenced her to seven years at a penal colony on June 24.
She was ordered to pay 2.2 billion roubles in compensation to her victims, which is now worth around £20 million, accounting for inflation.
