Vladimir Smerkis, a key determine behind the crypto-powered Telegram Mini App Blum, has been arrested in Moscow amid allegations of large-scale fraud, based on Russian media experiences.
The arrest passed off on the Zamoskvoretsky District Court docket, with police confirming the case includes monetary misconduct “on an particularly massive scale.” Whereas official expenses stay undisclosed, hypothesis factors to Smerkis’s earlier ventures — together with The Token Fund and Tokenbox — which attracted hundreds of thousands in funding earlier than fading from the highlight.
Blum, which mixes gamified crypto engagement with alternate companies by way of Telegram, shortly issued an announcement making an attempt to distance itself from Smerkis. In a put up on X, the corporate stated he had stepped down from his function as Chief Advertising Officer and was now not concerned within the venture.
Launched in Could 2024 with early backing from Binance Labs by way of its Most Precious Builder program, Blum gained reputation by way of its “Drop Sport,” the place customers collected factors by tapping digital snowflakes — with the promise of a future token airdrop. However repeated delays and the continuing anticipate a token-generation occasion have already sparked frustration amongst customers. The newest developments have solely fueled extra skepticism.
The Drop Sport closed on Could 14, and the workforce says its airdrop stays on observe for the second quarter of 2025. Nevertheless, the arrest has raised new doubts throughout the group in regards to the venture’s future.
In a follow-up put up, Blum thanked Smerkis for his previous contributions however reassured customers that operations are persevering with with out disruption. “Our workforce stays totally dedicated,” the message learn, “and centered on delivering the roadmap forward.”
