Bitmama Sentenced to Seven Years in Prison

The Presnensky District Court of Moscow has sentenced Valeria Fedyakina, known by the alias Bitmama, to seven years in a general regime colony for fraud. This was reported by TASS.

Fedyakina was found guilty under Part 4 of Article 159 of the Criminal Code of the Russian Federation (fraud on a particularly large scale). The prosecution had requested up to 10 years of imprisonment.

The court determined that the accused offered victims investments in cryptocurrency with high returns, but instead of investing, she appropriated the funds for herself. The damage was estimated at 2.2 billion rubles.

To potentially compensate for the losses, the defendant’s assets and property have been seized. Bitmama herself did not plead guilty.

The criminal case against Fedyakina was initiated following a statement from her business partner Galik Gulakyan.

The entrepreneur, who was six months pregnant, was detained on September 15, 2023, in Moscow. Due to her residency permit in the UAE, the court sent her to Moscow’s Detention Center No. 6, where she gave birth to a daughter.

Earlier, the BitOK service identified key addresses associated with Bitmama’s activities. According to analysts, about 20% of the total assets received in Fedyakina’s wallets are linked to the Russian crypto exchange Garantex.