Breaking Crypto News: Arrest of Blum Co-Founder Sends Ripples Through Telegram Community
In a surprising development, a co-founder of Blum, a prominent crypto initiative integrated within Telegram Mini Apps, has been detained on fraud allegations. The arrest of Vladimir Smerkis, previously in charge of Binance’s Russian operations, has stirred significant concern within the platform’s user base. This development is under investigation per Article 159 of the Russian Criminal Code.
Judicial Decision: Custody Approved
Reported by TASS on May 18, the Zamoskvoretsky District Court sanctioned the authorities’ request to remand Smerkis in custody. The allegations involve “large-scale” fraud, a serious offense under Article 159 that could result in a prison sentence ranging from 2 to 12 years. Such early detention indicates that investigators might possess substantial evidence, although formal charges remain undisclosed at this time.
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Reevaluating Past Business Endeavors
According to insights from Mash, the investigation delves into Smerkis’s previous ventures from 2017, specifically The Token Fund and Tokenbox, which he co-founded. Allegedly, investors in these enterprises suffered financial losses totaling approximately $15 million. The authorities are now scrutinizing these losses to determine any potential connection to the current case. Smerkis’s previous role at Binance in Russia only amplifies the scrutiny on his business endeavors.
Token Airdrop Plans in Jeopardy
The Blum platform had announced a BLUM token listing scheduled for the third quarter. Users participate in the Drop Game, where they tap falling snowflakes on their screens to earn points, which then convert to tokens during a token generation event. This entire process operates within Telegram Mini Apps, integrating trading, rewards, and airdrops. Following the May 18 announcement, uncertainty looms over whether the airdrop will proceed as planned.
Operational Stability Promised by Team
In a recent statement on X, Blum revealed that Vladimir Smerkis has resigned from his position as Chief Marketing Officer and will no longer be involved with the project. The team reassures users that day-to-day operations will continue uninterrupted, with a steadfast focus on the forthcoming token event. However, specific information regarding the new leadership overseeing marketing and airdrop logistics remains scant, leading to some community unease.
Blum Community Update: Vladimir Smerkis has officially stepped down from his CMO role and will cease any involvement in our project’s development and co-founder responsibilities. — Blum (@blumcrypto) May 17, 2025
Future Prospects and Challenges
While the technical foundation of the Telegram Mini App appears robust, trust in the individuals behind crypto projects is equally critical. Blum’s approach to transparency and governance in the coming weeks will be pivotal in determining whether it regains its momentum or becomes a cautionary example for other Telegram-based initiatives.
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