Key Takeaways:
- Vladimir Smerkis, ex-Binance Russia head and Blum co-founder, was detained in Moscow over alleged $15M fraud tied to earlier projects, not Blum.
- Blum confirmed Smerkis’ resignation and reiterated that its platform and roadmap remain unaffected.
- Concerns have emerged about Blum’s Q3 token airdrop amid uncertainty from Smerkis’ legal issues.
Vladimir Smerkis, co-founder of the Telegram-based crypto project Blum and former head of Binance Russia, has been detained in Moscow over allegations of large-scale fraud.
The Zamoskvoretsky District Court approved holding him in custody during an ongoing investigation under Article 159 of the Russian Criminal Code, which carries a sentence of 2–12 years.
🇷🇺EX-BINANCE EXEC & BLUM CO-FOUNDER ARRESTED IN MOSCOW
— Mario Nawfal (@MarioNawfal) May 18, 2025
Vladimir Smerkis, former head of Binance’s CIS division and co-founder of tap-to-earn game Blum, has been arrested in Moscow on suspicion of large-scale fraud.
The Zamoskvoretsky District Court ordered his detention, though… pic.twitter.com/17OmxIVZTW
Though not yet formally charged, the case may be tied to his earlier ventures—The Token Fund and Tokenbox—founded in 2017, where investors reportedly lost $15 million.
These ventures are unrelated to Blum.
On May 18, Blum announced on X that Smerkis resigned as Chief Marketing Officer and will no longer be involved with the project “in any capacity.”
We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity.
— Blum (@blumcrypto) May 17, 2025
The Blum team reaffirmed its commitment to the platform’s roadmap, stating that operations will proceed as normal.
However, the arrest has sparked community concern, especially over the anticipated BLUM token airdrop.
The airdrop, tied to a Drop Game within Telegram Mini Apps, was expected in Q3.
With Smerkis’ legal status uncertain, the execution and timing of the token generation event are now in doubt.
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