Bank of Russia Exposes Nearly 150 Financial Pyramid Scams, Fraudsters Exploit...
The Central Bank of Russia (CBR) has identified 146 financial pyramid schemes in only six months this year. Fraudsters often lure people with weak financial literacy into investment scams linked to cryptocurrencies or crypto mining operations. Pyramid Schemes Thrive Amid Rising Investment Demand, Bank of Russia Says The number of financial pyramid scams uncovered by the CBR between January and June 2021 is 1.5 times higher compared to the same time period last year, the regulator announced this week. The financial authority attributed the spike to increased activity of “unfair....
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Russian law enforcement agencies have gone after the organizers of a large crypto pyramid which has been promising extraordinarily high returns. The Ponzi scheme is being unraveled after a similar project defrauded thousands of investors in Russia, the region, and far beyond. Police Find Crypto Pyramid Organizers in Dagestan, Russia Officers from the Federal Security Service (FSB) and the Ministry of Internal Affairs in the Russian republic of Dagestan have identified persons suspected of organizing a major financial pyramid offering victims profits of up to 500% per year on their....
An increasing number of financial and crypto pyramids targeting Russian investors have been opening physical offices in the country. The Central Bank of Russia has recently expressed concern over the trend which is seen as an indication that the fraudsters expect growing demand.
Russian Crypto Scams Launch Offices to Lure More Investors In-person, Bank of Russia Says
Financial pyramids and illegal forex dealers in Russia, many of which now specialize in offering crypto investment and settlement opportunities, are moving offline, the daily Izvestia reported quoting the Central....
A growing number of Australians have fallen victim of investment scams and fraudulent schemes. However, according to new report, scammers prefer bank transfers to cryptocurrencies. Australians Lose $670 Million to Scammers In 2020 The Australian Competition and Consumer Commission (ACCC) said in its annual Targeting Scams report published Monday that residents of Australia lost $851 […]
The Bank of Russia has expressed concerns over the increasing number of local investors pouring their money into Bitcoin. The Russian central bank has once again reiterated its negative stance on Bitcoin (BTC), with one of the bank’s top executives comparing the cryptocurrency with a pyramid scheme.Sergey Shvetsov, the first deputy governor at the Bank of Russia, expressed the authority’s concerns over cryptocurrency investment in a Wednesday interview, warning about the perceived risk of losses by investors.Shvetsov said that local investors have been increasingly pouring their money into....
A majority of the financial pyramids identified in 2022 used cryptocurrencies in one way or another, Russia’s central bank announced in a new report. Amid Western sanctions, Russian scams have stepped up their activities, often claiming to be licensed by foreign authorities to offer access to crypto assets.
Russian Pyramids Take Advantage of Western Sanctions and Popularity of Crypto
Over 56% of the pyramid schemes in the Russian Federation during the first half of the year, or 537 entities, raised funds in various cryptocurrencies or advertised crypto investments, a....