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A Moscow court has sentenced Valeria Fedyakina to seven years in prison for orchestrating a $23 million Bitcoin Ponzi scheme. Fedyakina, who operated under the alias Bitmama, deceived investors by posing as a cryptocurrency expert with global offices. She promised clients the ability to use cryptocurrencies to transfer funds internationally, allegedly to bypass Western sanctions. The scheme defrauded investors of 2.2 billion rubles within just 60 days in 2023.

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