“Bitmama” Jailed for Seven Years for $23 Million Bitcoin Scam

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• A Russian crypto influencer known as Bitmama has been sentenced to seven years in prison for a $23 million cryptocurrency Ponzi scheme
• Russian authorities have accused her of defrauding clients through fake Bitcoin transfer services
• Some of the stolen funds may have been used to support Ukraine’s military, investigators claim

A Russian crypto influencer known as Bitmama has been handed a seven-year sentence in a penal colony after being found guilty of orchestrating a short-lived but highly lucrative Bitcoin scam. Operating under the real name Valeria Fedyakina, Bitmama convinced investors to hand over millions for what she claimed were fast and anonymous crypto transfers to bypass sanctions. Instead, authorities say she pocketed the funds and moved them to her own wallets, with prosecutors adding that some of the money may have been sent to support Ukraine’s military, an accusation that added political weight to the case.

Bitcoins Ruja Ignatova Mk. II

Fedyakina seemed to model herself on OneCoin scammer Ruja Ignatova, promoting herself as a globe-trotting Bitcoin expert, offering discreet international transfers from Moscow to Dubai. Clients were drawn in by her polished image and promises of instant service, often meeting her in luxury hotels to finalize deals.

However, Russian investigators say the operation was a classic Ponzi scheme: Fedyakina collected funds from new investors, rerouted them into her own UAE-based crypto wallets, and used the influx of new money to maintain the illusion of returns. In just two months, the scam generated $23 million, on occasion receiving up to $15 million in deposits in a single day

Bitcoins Pregnant Fedyaninka Arrested in Russia

Authorities caught up with Fedyaninka in September 2023 as she tried to flee Russia, despite being six months pregnant at the time. After being detained, she gave birth in a Moscow hospital and was then transferred back to a detention center, where she remained with her newborn daughter throughout her pretrial confinement.

Fedyaninka’s dramatic fall from lavish business meetings to prison maternity care, all within a space of week in mid-late 2023, captured the attention of Russia’s crypto community. The case has raised alarm not just for the size of the fraud but for its international implications: authorities believe that part of the stolen money may have ended up supporting Ukraine’s military efforts, an explosive claim given the ongoing conflict.

On June 24, 2025, the Presnensky District Court in Moscow convicted Fedyakina and sentenced her to seven years in a penal colony, while ordering full restitution to victims. Prosecutors had asked for the maximum 10-year sentence allowed under the law, with a spokesperson from the Investigative Committee stating, “Fedyakina had a criminal intent to steal money or cryptocurrency by deceiving an indefinite number of people.”