The Russian Central Bank warns that Russian pyramid schemes are massively turning to cryptocurrency

According to DL News, the Central Bank of Russia has warned that financial pyramid organizers in the country have largely turned to using cryptocurrencies. In 2025, Russian citizens sent funds to cryptocurrency wallets held by fraudsters, involving more than 4,600 wallet addresses.

The central bank discovered 7,087 financial pyramid schemes, fake brokers, and other fraudulent plans last year, of which 80% operated online, with most using cryptocurrencies and money mules to transfer funds. In 2025, 84% of fraudsters used cryptocurrencies to raise funds, up from 77% in 2024. The Central Bank of Russia has ordered the blocking of 21,500 related web pages and social media posts.

The central bank noted that fraudsters choose cryptocurrencies to maintain anonymity and evade punishment, and it has pledged to strengthen monitoring and increase efforts to combat cryptocurrency fraud.