Vladimir Smerkis, co-founder of the
Telegram-based crypto project Blum and former head of Binance Russia, has been
arrested in Moscow on allegations of large-scale fraud.
The Zamoskvoretsky District Court approved his detention on May 18, 2025, under
Article 159 of the Russian Criminal Code, which pertains to fraud and carries a
potential sentence of up to 12 years in prison .
Allegations and Background
The fraud allegations are reportedly linked to two
earlier cryptocurrency ventures co-founded by Smerkis in 2017: The Token Fund
and Tokenbox. These projects collectively raised approximately $15 million from
investors but subsequently collapsed, leaving many unable to recover their
funds .
While Blum has stated that it is not connected to
these previous ventures, the arrest has cast a shadow over the project. In a
statement released on May 18, Blum announced that Smerkis had resigned from his
role as Chief Marketing Officer and is no longer involved with the company in
any capacity
Impact on Blum and Its Community
Blum, which integrates a decentralized exchange into
Telegram Mini Apps, allowing users to trade cryptocurrencies, earn rewards, and
participate in token airdrops, is now facing increased scrutiny. The community
has expressed concerns over the planned BLUM token airdrop, initially scheduled
for the third quarter of 2025. Users who participated in Blum's Drop Game,
accumulating points with the expectation of converting them into tokens, are
now uncertain about the airdrop's future .
The arrest of Vladimir Smerkis underscores the
importance of due diligence in the rapidly evolving cryptocurrency landscape.
As the legal proceedings unfold, stakeholders and users of Blum will be closely
monitoring developments to assess the project's viability and the security of
their investments.
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