French authorities are investigating whether alleged manipulation of the Verasity cryptocurrency helped finance more than €50 million in Dubai property purchases by a Russian-born French citizen with documented links to technology associated with the crypto project.
Svetlana A. was arrested in July in France’s Alpes-Maritimes region and has since been placed under formal judicial investigation in Paris for alleged organised fraud, aggravated laundering of tax-fraud proceeds and criminal conspiracy. The French National Financial Prosecutor’s Office, or PNF, confirmed the investigation on September 25.
A judicial source told Le Monde that investigators suspect Svetlana A. and her British partner Robert H. may have been involved in organised fraud through manipulation of a cryptocurrency’s exchange rate, with suspected proceeds potentially financing her extensive real-estate holdings in Dubai.
No court has found either person guilty.
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Investigators examine VRA’s dramatic 2021 price surge
The cryptocurrency at the centre of the questions is Verasity’s VRA token.
Verasity was launched in 2018 and promoted technology aimed at digital advertising, video engagement and blockchain-based verification.
Le Monde reported that VRA’s price increased around 65-fold over roughly two and a half months during spring 2021 before subsequently falling sharply.
French investigators are examining whether that extraordinary price movement involved manipulation and whether any resulting proceeds were connected to later real-estate purchases.
That remains a suspicion under investigation.
Authorities have not publicly identified specific transactions, wallets, exchanges or counterparties allegedly used to manipulate the token.
There has also been no public forensic reconstruction showing how the alleged scheme operated.
That distinction is important because a rapid increase in a cryptocurrency’s market price does not by itself prove manipulation.
Investigators would need evidence showing deliberate trading activity or other conduct intended to distort the market.
More than €50 million spent on Dubai property in one year
The scale of Svetlana A.’s Dubai property portfolio is central to the investigation.
According to Le Monde’s examination of property records, she spent more than €50 million during 2022 alone to acquire around 100 apartments and three luxury villas.
The properties were spread across approximately 15 buildings.
They reportedly included units in Burj Royale, Opera Grand, I-Rise Tower and MBL Royal, with as many as 10 properties held in some developments.
Most of the properties were rented.
Le Monde reported that the portfolio generated at least €4 million in cumulative rental income between 2022 and 2025.
The purchases attracted attention because they appeared significantly larger than Svetlana A.’s earlier known property investments in France.
Investigators are now examining where the money came from.
One deal involved an entire 73-apartment building
One of the most notable transactions took place in June 2022.
Svetlana A. paid 68 million dirhams, approximately €17.4 million at the time, for Amara Residences in Dubai.
The five-storey property contained 73 apartments along with commercial spaces including a beauty salon and barber shop.
The ownership structure later changed.
On February 1, 2024, the property was transferred without payment to Abu Dhabi-based Sempios Holdings, itself held through a private foundation.
Le Monde reported that checks of UAE corporate registers nevertheless showed Svetlana A. retaining signing authority connected to the company holding the assets.
A transfer through a corporate structure is not, by itself, proof of wrongdoing.
Investigators are examining whether the ownership arrangement and movement of assets were connected to alleged money laundering or were legitimate asset-management transactions.
Patent and company records establish links to Verasity ecosystem
Public records provide documented links between Svetlana Astakhova and technology associated with Verasity.
Le Monde reported that she was a co-inventor on patents alongside Robert H., whose research was later used in connection with the creation of Verasity.
She was also previously the sole shareholder of UK company Veraviews Limited before the shares were transferred to Verasity Limited S.R.L., according to corporate records reviewed by the newspaper.
Those links establish a historical business connection.
They do not establish participation in token manipulation.
That will depend on evidence gathered by French investigators.
Defence denies property wealth came from Verasity
Svetlana A. has denied wrongdoing.
Her former lawyer, Olivier Bluche, told Le Monde in April 2025 that there was no connection between her property holdings and Verasity’s activities.
He said she did not hold VRA tokens, had relinquished patent rights and had never held a formal position within the Verasity group.
Le Monde nevertheless reported that she had previously been the sole shareholder of Veraviews Limited and retained links through UAE corporate structures associated with Verasity’s founder.
Her current lawyers had not publicly responded to Le Monde’s latest questions at the time of publication.
French financial prosecutors now tracing source of wealth
The case is being handled by France’s National Financial Prosecutor’s Office, with investigators from the national unit responsible for combating tax-related financial crime.
The central task will be tracing the origin of the funds used for the Dubai purchases.
That is likely to involve examining company accounts, bank transfers, cryptocurrency wallets and any connections between the property acquisitions and trading activity involving VRA.
Investigators must also determine whether any of the money passed through companies in Cyprus, Gibraltar or other jurisdictions associated with Svetlana A.’s earlier business interests.
Le Monde reported that her name had appeared behind several Cyprus-based technology and crypto companies that were later dissolved.
The investigation could therefore extend well beyond the token’s market price.
Formal investigation does not mean guilt
Under the French judicial system, being placed under formal investigation means an examining magistrate considers there are serious or consistent indications justifying continued investigation.
It is not a conviction.
The case could eventually result in prosecution, additional investigative measures or dismissal depending on the evidence collected.
For now, the central allegation remains that French authorities suspect organised fraud involving manipulation of a cryptocurrency and are examining whether those proceeds financed a large Dubai property portfolio.
The connection between VRA trading and the property purchases has not yet been established in court.
What this means for you: Extreme price movements in small crypto tokens can attract regulatory scrutiny, but a price surge alone does not establish manipulation. Investors should distinguish between documented market data, investigative suspicions and allegations that have actually been proven in court.
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