Blum’s $15M Fraud Scandal: Is Your Airdrop Dream a Crypto Nightmare?
Blum co-founder Vladimir Smerkis arrested in Moscow for $15M fraud! Will the airdrop survive? Uncover the crypto chaos now!
On May 16, 2025, Russian authorities arrested Vladimir Smerkis, co-founder of Blum, a Telegram-based crypto exchange and tap-to-earn game, in Moscow on charges of large-scale fraud under Article 159 of Russia’s Criminal Code. The Zamoskvoretsky District Court detained Smerkis, a former Binance Russia executive, amid allegations tied to Blum’s “Drop Game,” which promised users tokens for earning Blum Points. Posts on X reveal panic among 70 million users, fearing the planned Q2 2025 airdrop may collapse, with some calling Blum a “scam.”
What’s the issue? Blum, backed by Binance Labs, lured users with its May 2024 game, but delays in token generation and vague fraud details—possibly linked to misrepresenting airdrop value—sparked distrust. The arrest follows a pattern of crypto fraud crackdowns, like Hong Kong’s $15M laundering bust. Bitcoin ($105,000) remains steady, but Blum’s fallout could chill smaller projects.
For beginners, this highlights crypto’s risks: flashy promises can hide fraud. Secure wallets and verified platforms are crucial. If Blum’s airdrop fails, user losses may be minimal but trust in Telegram-based apps could tank. Will Blum recover, or is it game over? Share your thoughts below! Follow trafy.io for more crypto insights.
NOTICE:
The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
NOTICE:
The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
