Bank of Russia Identifies 1,638 Crypto Pyramid Schemes

The Bank of Russia reported a surge in crypto pyramid activity: in the first quarter of 2025, the regulator identified 2,780 illegal projects — a 56% increase compared to the previous year.

Nearly 60% of these (1,638 cases) were pseudo-investment platforms where cryptocurrencies became the primary tool for attracting funds.

86% of fraudulent projects demanded contributions in digital assets. Most often, fraudsters offered “investments” in foreign real estate, crypto trading, or businesses with quick returns. 

Illegal brokers took second place: 777 companies offered margin trading in cryptocurrencies without a license. Their advertisements were spread through social networks and messengers.  

The regulator blocked more than 5,200 fraudulent resources. By the end of the quarter, 120 administrative cases had been initiated.  

As reported by the central bank, over the past three years, Russian residents have tripled their investments in cryptocurrencies.