The arrest occurred on Friday, with local media outlet TASS reporting that Smerkis was detained by authorities from Zamoskvoretsky District Court in Moscow.

While the official charges have not been disclosed, police indicated that Smerkis is being held in connection with a criminal case involving significant fraudulent activity.

Link to Previous Projects

Speculation suggests that the charges may be linked to Smerkis’ previous ventures, such as The Token Fund and Tokenbox. These projects raised millions but have since faded from the spotlight. Some believe these past undertakings could be under investigation as part of the current case.

Blum Distances Itself from Smerkis

In the wake of the arrest, Blum quickly distanced itself from Smerkis. On Saturday, Blum’s X account confirmed that Smerkis had stepped down from his role as Chief Marketing Officer (CMO) and is no longer involved in the project or its development in any capacity.

Blum’s Background and Delayed Airdrop

Blum was initially supported by Binance Labs, participating in its Most Valuable Builder accelerator program. The project launched its “Drop Game” in May 2024, allowing users to earn “Blum Points” by tapping snowflakes falling on their screens. The app promised an airdrop that would eventually convert these points into tokens, but delays and the launch of additional airdrop “seasons” have left users still waiting for the token-generation event.

The post Co-Founder of Blum Detained in Russia on Fraud Charges appeared first on Coindoo.

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Filed under: Bitcoin - @ May 18, 2025 7:00 pm