According to Bits media, the Moscow Presnensky District Court has sentenced Vladimir Smerkis, former head of Binance Russia and CIS and co-founder of Blum, to five years in prison for alleged large-scale fraud. Prosecutors claim that in June 2024, crypto trader and blogger Oleg Polunin paid Smerkis over 8.8 million rubles (in cryptocurrency) to promote ads aimed at attracting 2 million new users. However, after receiving the payment, Smerkis failed to fulfill his obligations and misappropriated the funds. The court found Smerkis guilty of violating Article 159, Part 4 of the Russian Criminal Code (large-scale fraud). The verdict has not yet come into effect, and the defendant still has the right to appeal. https://www.(wublock123.com)/news/news-60991