Vladimir Smerkis, co-founder of the Telegram-based crypto project Blum, is now in custody in Moscow.
Russian state outlet TASS reported on May 18 that the Zamoskvoretsky District Court approved investigators’ request to detain him. He is under investigation for large-scale fraud.
The case falls under Article 159 of the Russian Criminal Code. This charge carries a potential prison sentence of two to twelve years. Authorities have not officially confirmed if full charges have been filed.
Smerkis previously worked as Binance’s regional head in Russia. His name is now tied to earlier crypto ventures that are under scrutiny. Investigators said the arrest is connected to those prior activities.
Fraud Allegations Involve Tokenbox and The Token Fund
According to Russian media outlet Mash, the investigation is linked to The Token Fund and Tokenbox.
Smerkis co-founded both platforms in 2017. Reports say investors lost a total of around $15 million across these two ventures.
The Token Fund and Tokenbox offered crypto investment services during a period of rising interest in blockchain. Some wallets tied to these platforms allegedly moved large sums, prompting concerns about misuse of funds.
Blum stated that it has no connection to either The Token Fund or Tokenbox. However, investigators are reviewing Smerkis’ involvement across all past ventures.
BLUM Token Airdrop Timeline Unclear After Exit
Blum confirmed via X on May 18 that Smerkis had resigned from the company. He no longer serves in any role, including as chief marketing officer.
The team said it would continue working toward its roadmap without his involvement.
Community members expressed concern over the planned BLUM token airdrop. One user wrote,
“Blum owes its users a clarification on the planned airdrop.”
Another added,
“No airdrop. No updates. Just silence. Was it all for nothing?”
The project previously announced on April 3 that a token listing could happen in Q3 2025. Blum users currently earn points by playing a mini-game inside Telegram.
In this Drop Game, users tap falling snowflakes to gain Blum Points. These points are expected to convert into BLUM tokens during a future token generation event.
The team has not made a new announcement regarding changes to that timeline. The lack of updates has caused concern among users waiting for the token.
Blum Project Says Operations Will Continue
Blum is a Telegram-based crypto platform with features like token trading, airdrops, and point-based rewards. It uses Telegram Mini Apps to support direct crypto engagement within chat environments.
The platform stated on X that its daily operations remain unaffected. The team emphasized that work on the BLUM token and related games will proceed.
There has been no official change to the expected BLUM token generation event. However, users continue to request more transparency on when and how the airdrop will take place.
Blum said it will release more information through its official channels. For now, the project has not confirmed a revised date for token distribution.
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