Blum Co-Founder Arrested Over $15 Million Crypto Fraud Allegations

Vladimir Smerkis, co-founder of the Telegram-based cryptocurrency project Blum, has been arrested in Moscow on charges of fraud related to his past crypto ventures. The Zamoskvoretsky District Court of Moscow approved investigators’ request for Smerkis’s custody while the investigation continues. His arrest comes as investors have lost around $15 million from his previous projects, The Token Fund and Tokenbox. 2023 marks a critical moment for Blum as it navigates these allegations while planning a token airdrop slated for Q3 2025.