A co‑founding father of Blum, a crypto mission constructed into Telegram Mini Apps, was arrested this week in Moscow on fraud fees. Vladimir Smerkis, who as soon as ran Binance’s operations in Russia, now faces an investigation beneath Article 159 of the Russian Legal Code. His detention has despatched shockwaves by the Telegram‑primarily based platform’s group.
Court docket Grants Custody Request
In line with TASS, on Might 18 the Zamoskvoretsky District Court docket authorized a request to maintain Smerkis in custody. He’s suspected of “massive‑scale” fraud, which beneath Article 159 carries a sentence from 2 to 12 years in jail.
Detention at this early stage normally means investigators imagine they’ve agency proof, although formal fees haven’t been made public.
Picture: Bankless Occasions
Scrutiny Of Previous Ventures
Primarily based on stories from Mash, the probe reaches again to 2 crypto corporations Smerkis co‑based in 2017: The Token Fund and Tokenbox. Buyers in these ventures reportedly misplaced roughly $15 million mixed.
Now, authorities are revisiting these losses to see in the event that they tie into this case. His background operating Binance in Russia has solely added to the eye on his actions.
BTCUSD buying and selling at $103,331 on the 24-hour chart: TradingView.com
Token Airdrop On Maintain
Blum’s roadmap had promised a BLUM token itemizing within the third quarter. Customers earn factors in its Drop Sport—tapping falling snowflakes on their cellphone screens—and convert them to tokens throughout a token technology occasion.
All of that occurs inside Telegram Mini Apps, the place buying and selling, rewards and airdrops are built-in. After the Might 18 information, many locally at the moment are not sure the airdrop will occur on schedule.
Workforce Vows Continuity
In line with an announcement on X, Blum confirmed Smerkis has resigned as chief advertising officer and may have no additional position. The group says every day operations will keep it up as regular and that focus stays on delivering the token occasion. Nonetheless, particulars on who now oversees advertising and airdrop logistics are scarce, leaving some customers uneasy.
We wish to inform our group that Vladimir Smerkis has stepped down from his position as CMO and is now not concerned within the growth of the mission or in any co-founder capability.
— Blum (@blumcrypto) Might 17, 2025
Trying Forward
The code behind the Telegram Mini App could also be stable—however in crypto, belief in individuals issues simply as a lot. How Blum handles transparency and governance now will decide if it recovers its momentum or turns into a cautionary story for different Telegram‑primarily based tasks.
Featured picture from TechNext, chart from TradingView
Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent assessment by our group of prime expertise specialists and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.
