Blum co-founder and former Binance Russia executive Vladimir Smerkis arrested in Moscow on fraud charges

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According to ChainCatcher and The Block, Vladimir Smerkis, co-founder of Telegram Mini App project Blum and former head of Binance for Russia and CIS regions, was arrested on May 17 in Moscow on suspicion of large-scale fraud. The official charges have not yet been disclosed, but media suggests it may be related to his earlier projects The Token Fund and Tokenbox.

Blum stated that Smerkis has resigned from his CMO position and is no longer involved in the project. The incident has raised doubts among some users about the originally planned airdrop in the second quarter.

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