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‘Bitmama’ Jailed for $23M Bitcoin Scam That Lasted 60 Days

by SB Crypto Guru News
June 27, 2025
in Altcoin
Reading Time: 4 mins read
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A woman from Simferopol, Russia, has been sentenced to seven years in prison for running a short-lived but large-scale Bitcoin
BTC


$106,984.38

scam.

Valeria Fedyakina, who promoted herself as “Bitmama”, convinced people she was a trusted crypto dealer who could transfer their money abroad using digital assets.

According to a report by The Telegraph on June 26, her operation generated around $23 million (2.2 billion rubles) in just 60 days.

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Hot VS Cold Wallet: Which One Do YOU Need? (Animated)

Hot VS Cold Wallet: Which One Do YOU Need? (Animated)
Hot VS Cold Wallet: Which One Do YOU Need? (Animated)

Fedyakina told clients she had a way to send funds overseas without using banks, which became harder to access due to Western sanctions. She claimed she would exchange their cash for cryptocurrency and transfer it through Dubai.

However, investigators said she transferred the money to her own crypto wallets based in the United Arab Emirates.

The case was handled by the Presnensky District Court in Moscow, which delivered the verdict on June 24.

Along with her prison sentence, the court ordered Fedyakina to repay the full amount to her victims. The prosecution had originally asked for a ten-year sentence, the maximum allowed under Russia’s fraud laws.

Fedyakina used the names “Bitmama” and “Bitmama Finance” while meeting with clients in hotels across Moscow. Her pitch included promises of investments in oil, minerals, and gold. According to Russian investigators, these claims were only made to gain trust and collect funds.

One witness, her assistant, told authorities that people were handing over between $2 million and $3 million each day when the scheme started. According to a report by Izvestia, the daily total rose to as much as $15 million.

On June 9, four people from Queensland were charged over a $123 million crypto-linked laundering scheme. How did the case unfold? Read the full story.

Aaron S. Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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Tags: 23MBitcoinBitcoin NewsBitmamaCrypto NewsCrypto UpdatesDaysjailedLastedLatest News on CryptoSB Crypto Guru NewsScam
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