Vladimir Smerkis, a co-founder of the Telegram-based crypto undertaking Blum, has reportedly been arrested in Moscow, Russia, on fraud allegations, amid Blum confirming he’s not affiliated with the undertaking.
The Zamoskvoretsky District Courtroom of Moscow accredited a request from investigators to maintain Smerkis in custody whereas he’s being investigated, Russian state-owned information outlet TASS reported on Might 18.
Smerkis — who beforehand ran operations for Binance in Russia — is suspected of committing fraud on a “giant scale,” pursuant to Article 159 of the Legal Code of the Russian Federation, violations of which may end up in imprisonment starting from two to 12 years.
It isn’t clear if fees have been filed towards Smerkis.
Russian information outlet Mash tied the fraud allegations towards Smerkis to his involvement in The Token Fund and Tokenbox crypto ventures that he co-founded in 2017, the place buyers reportedly suffered mixed losses of round $15 million.
Blum, which isn’t concerned in The Token Fund and Tokenbox ventures, wrote to X on Might 18 that Smerkis resigned from his position because the agency’s chief marketing officer and would not be concerned within the undertaking in any capability.
Blum stated its workforce stays totally dedicated and centered on its targets and that its day-to-day operations would proceed as typical.
Blum is a crypto undertaking that integrates a decentralized change into Telegram Mini Apps, enabling customers to commerce crypto, earn rewards and take part in token airdrops.
No Smerkis, no BLUM token?
The incident sparked issues that Blum’s token airdrop gained’t comply with via as deliberate.
In an April 3 X submit, Blum hinted at a possible BLUM token itemizing within the third quarter of this 12 months.
Blum customers might obtain BLUM tokens by earning Blum points in its newly launched Drop Recreation, the place customers faucet on snowflakes falling from their cell phone display screen, and convert these factors into tokens throughout the undertaking’s slated token generation event.
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Nonetheless, the information of Smerkis’ arrest seems to have shaken community confidence that the BLUM token airdrop will occur.
“Blum owes its customers a clarification on the deliberate airdrop,” one X consumer and Blum neighborhood member said, whereas crypto influencer RK Gupta added:
“No airdrop. No updates. Simply silence. Was all of it for nothing?”
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