Vladimir Smerkis, a co-founder of the Telegram-based crypto mission Blum, has reportedly been arrested in Moscow, Russia, on fraud allegations, amid Blum confirming he’s now not affiliated with the mission.
The Zamoskvoretsky District Courtroom of Moscow authorised a request from investigators to maintain Smerkis in custody whereas he’s being investigated, Russian state-owned information outlet TASS reported on Could 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 expenses have been filed in opposition to Smerkis.
Russian information outlet Mash tied the fraud allegations in opposition to Smerkis to his involvement in The Token Fund and Tokenbox crypto ventures that he co-founded in 2017, the place traders reportedly suffered mixed losses of round $15 million.
Blum, which isn’t concerned in The Token Fund and Tokenbox ventures, wrote to X on Could 18 that Smerkis resigned from his function because the agency’s chief advertising officer and would now not be concerned within the mission in any capability.
Blum mentioned its workforce stays absolutely dedicated and targeted on its targets and that its day-to-day operations would proceed as common.
Blum is a crypto mission 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 observe by way of as deliberate.
In an April 3 X submit, Blum hinted at a possible BLUM token itemizing within the third quarter of this yr.
Blum customers may obtain BLUM tokens by incomes Blum factors in its newly launched Drop Sport, the place customers faucet on snowflakes falling from their cell phone display, and convert these factors into tokens through the mission’s slated token era occasion.
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Nonetheless, the information of Smerkis’ arrest seems to have shaken neighborhood 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 mentioned, whereas crypto influencer RK Gupta added:
“No airdrop. No updates. Simply silence. Was all of it for nothing?”
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