A co‑founding father of Blum, a crypto venture 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 below Article 159 of the Russian Felony Code. His detention has despatched shockwaves via the Telegram‑primarily based platform’s group.
Court docket Grants Custody Request
Based on TASS, on Could 18 the Zamoskvoretsky District Court docket accepted a request to maintain Smerkis in custody. He’s suspected of “massive‑scale” fraud, which below Article 159 carries a sentence from 2 to 12 years in jail.
Detention at this early stage normally 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 operating 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 cellphone screens—and convert them to tokens throughout a token technology occasion.
All of that occurs inside Telegram Mini Apps, the place buying and selling, rewards and airdrops are built-in. After the Could 18 information, many in the neighborhood at the moment are not sure the airdrop will occur on schedule.
Workforce Vows Continuity
Based on an announcement on X, Blum confirmed Smerkis has resigned as chief advertising officer and could have no additional position. The workforce says every day operations will stick with it as standard and that focus stays on delivering the token occasion. Nonetheless, particulars on who now oversees advertising and airdrop logistics are scarce, leaving some customers uneasy.
We want 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 venture or in any co-founder capability.
— Blum (@blumcrypto) Could 17, 2025
Wanting 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‑primarily based tasks.
Featured picture from TechNext, chart from TradingView
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