Bank of Russia Identifies Cashbery Followers Behind Crypto Investments

The Bank of Russia has uncovered a financial pyramid in which managers from Cashbery participated. Investments in the pyramid were accepted exclusively in cryptocurrencies, said Valery Liakh, head of the central bank’s Department for Countering Unfair Practices, in an interview with ТАСС.

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The pyramid was organised by a company named Antares Limited:

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\”Scammers operated both through social networks and offline — they rolled out several ‘consultation centers’ in 16 regions to attract ‘investments’\” — Liakh said.

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The central bank found that Antares Limited did not conduct any real activity, and payments were made solely from attracting new funds.

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\”According to information posted on social networks, the company is a successor to Cashbery\”, — said the Bank of Russia’s press service.

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The regulator declared Cashbery a pyramid in 2018.

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\”I’m not a freeloader, I’m a partner: how Cashbery managed to repeat the MMM success and what Bitcoin has to do with it\”

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Liakh also noted that perpetrators actively use the topic of cryptocurrencies. According to him, about a quarter of online pyramids are tailored to cryptocurrencies:

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\”Primarily they are aimed at people who are ready to invest large sums and take on a certain level of risk. Yet they are sold either a nonexistent or so exotic a cryptocurrency that it has no value and is not traded anywhere, or simply a USB flash drive that contains nothing.\”

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Earlier, in the first nine months of 2020 the Bank of Russia identified more than a thousand illicit organisations operating in the financial market, some of which bore signs of financial pyramids and offered investments in cryptocurrencies and tokens.

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