New revelations suggest that the arrest of Vladimir Smerkis, the former Binance Russia chief and co-founder of Telegram-based crypto app Blum, may be connected to his past involvement in crypto ventures that collapsed and left investors at a loss. The Zamoskvoretsky District Court ordered Smerkis’s detention last week, although the exact charges remain undisclosed.
According to Telegram channel Mash, Smerkis’s arrest may stem from his roles in failed projects like The Token Fund and Tokenbox. The Token Fund, launched in 2017, raised around $8 million before shutting down in 2018 without returning funds to investors. Similarly, Tokenbox reportedly raised $7 million, but its TBX token quickly lost value and the project became inactive.
Blum, his most recent venture, has tried to distance itself from the controversy. The Blum team announced via X that Smerkis had stepped down as CMO and holds no current role in the company. Despite their assurances, the situation has raised concerns about Blum’s credibility, especially regarding its long-promised token airdrop.
The airdrop, aimed at users who earned Blum Points via the Drop Game on Telegram, was initially expected shortly after the game’s launch in May 2024. However, repeated delays and vague updates have pushed the TGE into Q2 2025 with no confirmed date. With Smerkis’s legal troubles now public, many in the crypto community are skeptical the airdrop will happen at all. Stay updated on this and more at TheCoinInfo.
