Central bank in Russia cracks down on crypto-enabled pyramid schemes
Crypto adoption is growing in Russia, prompting authorities to step up monitoring and crack down on fraudsters exploiting anonymity.
Russia’s central bank reports that two-thirds of pyramid scheme operators use crypto, with funds sent to over 4,600 fraudster-controlled wallets in 2025. Authorities identified 7,087 online scams last year, most of which used crypto and money mules to collect illicit funds.
Officials highlighted that these schemes typically operate without physical offices, engaging victims via social media, chat apps, and phone calls. Nearly 1,500 firms offered fake crypto investments, and 84% of scammers used cryptocurrency to raise funds, up from 77% in 2024.
The central bank has blocked 21,500 web pages and social media posts linked to fraudulent operators.
The government is fast-tracking regulations, warning that only licensed firms can offer investments to Russian retail investors. Authorities plan to continue monitoring sophisticated online schemes and enhance public awareness to combat crypto-enabled fraud.
Crypto markets remain active, with Bitcoin trading at $66,566, up 3.8%, and Ethereum at $1,990, up more than 6% in the past 24 hours.
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