A co‑founding father of Blum, a crypto challenge constructed into Telegram Mini Apps, was arrested this week in Moscow on fraud expenses. Vladimir Smerkis, who as soon as ran Binance’s operations in Russia, now faces an investigation underneath Article 159 of the Russian Legal Code. His detention has despatched shockwaves via the Telegram‑based mostly platform’s group.
Courtroom Grants Custody Request
In line with TASS, on Might 18 the Zamoskvoretsky District Courtroom accredited a request to maintain Smerkis in custody. He’s suspected of “massive‑scale” fraud, which underneath Article 159 carries a sentence from 2 to 12 years in jail.
Detention at this early stage often means investigators consider they’ve agency proof, although formal expenses haven’t been made public.
Picture: Bankless Occasions
Scrutiny Of Previous Ventures
Based mostly on reviews from Mash, the probe reaches again to 2 crypto corporations Smerkis co‑based in 2017: The Token Fund and Tokenbox. Traders 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 working 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 Recreation—tapping falling snowflakes on their telephone screens—and convert them to tokens throughout a token era 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 are actually uncertain the airdrop will occur on schedule.
Crew Vows Continuity
In line with a press release on X, Blum confirmed Smerkis has resigned as chief advertising and marketing officer and may have no additional position. The workforce says every day operations will keep it up as common and that focus stays on delivering the token occasion. Nonetheless, particulars on who now oversees advertising and marketing 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 challenge 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 folks 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‑based mostly initiatives.
Featured picture from TechNext, chart from TradingView
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