Blum Co-Founder Vladimir Smerkis Arrested in Russia on Fraud Charges: Community Awaits Clarity on Token Airdrop

Key Developments:

• Vladimir Smerkis, co-founder of Telegram-integrated crypto project Blum, arrested in Moscow on fraud allegations.

• Detained under Article 159 of the Russian Criminal Code, which deals with large-scale fraud.

• Blum distances itself, confirming Smerkis is no longer part of the project.

• Community concern rises over the uncertain future of the BLUM token airdrop, as communication stalls.

Arrest and Allegations

Russian authorities have detained Vladimir Smerkis, a prominent figure in the crypto space and co-founder of the Blum project, on suspicion of large-scale fraud. On May 18, the Zamoskvoretsky District Court of Moscow approved a motion to hold him in custody during the ongoing investigation, as reported by local state media outlet TASS.

The investigation relates to Smerkis’ past ventures—The Token Fund and Tokenbox—which were launched during the 2017 ICO boom. Russian news outlet Mash reported that investors in those projects may have collectively lost approximately $15 million.

Smerkis is being investigated under Article 159 of the Russian Criminal Code, which covers fraudulent activity involving substantial financial damage. If convicted, he could face a prison sentence ranging from 2 to 12 years. At this time, it remains unclear whether formal charges have been officially filed.

Notably, Smerkis also held a leadership role at Binance Russia prior to co-founding Blum.

Source: Blum

Blum Responds: “Smerkis Is No Longer Involved”

In response to the arrest, the Blum team released a public statement on X (formerly Twitter) confirming that Smerkis had resigned from his position as Chief Marketing Officer and would no longer have any affiliation with the project.

“The team remains focused on delivering our goals,” Blum stated on May 18.

Blum is a rising Telegram-native crypto project that leverages Telegram Mini Apps to offer users a seamless trading experience, rewards system, and access to token airdrops via its in-app Drop Game.

Community Concerns: What Happens to the BLUM Airdrop?

Despite reassurances from the team, Smerkis’ arrest has cast a shadow over Blum’s momentum—particularly around its highly anticipated BLUM token airdrop.

The airdrop had been teased for Q3 2025, with users earning “Blum Points” through an interactive mobile game that involves tapping falling snowflakes. These points were expected to convert into BLUM tokens during the Token Generation Event (TGE).

However, since news of the arrest broke, the project has gone silent, with no official updates on the token launch or airdrop timeline. This lack of communication has unsettled the community.

“Blum owes its users a clarification on the planned airdrop,” one user posted.

“No airdrop. No updates. Just silence. Was it all for nothing?” asked crypto influencer RK Gupta.

What’s Next?

While the Blum team maintains that development remains on track, the project now faces an uphill battle to rebuild trust and credibility. Whether the BLUM airdrop proceeds as planned could serve as a key test of the project’s legitimacy in the post-Smerkis era.

For now, users are watching and waiting—hoping the team breaks its silence and delivers on its promises.