An overwhelming majority of financial pyramid programs operating in Russia target the cryptographic funds of investors, according to new data published by the Central Bank of the country.
The Russian monetary authority has recorded a peak in the number of fraudulent actors offering false investment opportunities involving digital assets, precious metals and real estate.
Fraudsters urge investors to send their cryptocurrency
The central bank of the Russian Federation (Cbr) identified 2,780 entities suspected of illegal activities in the financial sector during the first quarter of the year, highlighting an increase of 56% compared to the same period of 2024.
More than half of them, 1,638, support the characteristics of financial pyramid regimes, the regulator unveiled in a job On Telegram this week, quoted Tuesday by the business news Portals RBC.
The others presented themselves as professional participants on the securities market (897) or lenders (236), the detailed authority, developing:
“Traditionally, pseudo-investment Internet projects that act as financial pyramids or illegal brokers are in the lead.”
As usual, fraudsters launch several websites, social media pages and telegram groups to attract victims without distrust. Most of these channels only temporarily exist and are looking for minimum initial investments, the bank stressed.
Almost all the detected Ponzi programs worked as online platforms offering the Russians to put money in various investment plans with a fixed return. They often tried to convince people that their products were almost as safe as a bank deposit.
The projects have been announced on social networks and non -financial sites. They were sometimes promoted by bloggers, noted the CBR.
The vast majority of pyramidal regimes, 86% of the platforms identified, suggested that investors should make their contribution to cryptocurrency, the regulator revealed. Last July, he put the share of pyramids attracting funds via Crypto at 59%, RBC recalled.
Cryptographic assets among the favorite investment offers for crooks
The false opportunities presented by the crooks included investment offers in real estate, often abroad, in attractive destinations such as the popular Indonesian Island Resort de Bali. In addition to rented property income, they also promised part of the money spent by newly attracted investors.
Many financial pyramid programs have prompted Russian citizens to invest in various cryptocurrencies and other digital assets, precious metals, basic products and different companies, offering rapid yields. Some of the projects had less common proposals, such as investments in the rental of power benches.
Most illegal securities companies acted as Forex dealers, noted the Central Bank, and many of them have supported the leverage cryptography trade, providing compulsory license services. Practically all worked online and had no official offices.
The Russian Bank has provided more details:
“Pseudo-forex projects attract high income promises and target those that perceive trade in the foreign exchange market as a game of opportunities that does not require any particular knowledge.”
In total, more than 5,200 websites of pyramidal regimes were deleted during the first three months of the year, and more than 120 administrative cases were launched, the CBR said. The bank has also taken other measures, in particular to prevent the advertising of these projects.
The Central Bank of Russia was a strong opponent to allow cryptocurrencies to circulate freely in the Russian economy. In March, the financial authority suggested The creation of a special “experimental” legal regime for cryptography operations and is currently working with the Ministry of Finance on the launch of an Crypto exchange by the State.
In addition to online pyramid programs, Russian authorities have restricted legitimate websites linked to cryptography. In April, Russia’s guard dog Roskomnadzor blocked access to the leader of Leader exchange data on the Russian cryptography market, Bestchange.ru.
Cryptopolitan Academy: tired of market swings? Find out how Defi can help you create a stable passive income. Register
