Rise in Pyramid Schemes Disguised as Clicker Games in Russia

In the first half of 2024, 59% of the 1723 identified financial pyramids attracted client funds in cryptocurrencies. Fraudsters often disguise these schemes as clicker games and meme coins, as reported by the Central Bank of Russia.

More than 14% of illegal projects operated as economic games with a pseudo-investment component.

Perpetrators exploit sanctions-related themes, purportedly offering trade in foreign assets to circumvent restrictions.

There has also been an increase in “mixed” schemes promoting investments in projects while simultaneously trading on the forex or cryptocurrency markets.

Since July 25, a new mechanism has been in place in Russian banks to return funds stolen by fraudsters. This development could significantly complicate P2P cryptocurrency exchange operations.