Over 80% of Financial Pyramids in Russia Shift to Cryptocurrencies

In the first half of 2025, the Bank of Russia identified 2,328 financial pyramids, with over 80% utilising cryptocurrencies as the primary means of fund transfer, according to the regulator’s report.

The schemes were short-term pseudo-investment online projects. Some promised returns from investments in digital currencies, while others focused on precious metals, commodities, and various “innovative businesses.”

The central bank noted an increase in fraudulent educational courses on trading and earning from cryptocurrency exchange rate fluctuations. Social media remains the main channel for attracting victims.

There have been instances of short-term loans issued in USDT stablecoins followed by aggressive debt collection.

Meanwhile, the number of fraudulent clicker games decreased to 74 from 252 the previous year. The report attributes this to “audience disappointment after the devaluation of tokens from one of the popular games.”

Overall, from January to June, the central bank identified 4,183 illegal entities, a 20% increase compared to the same period in 2024.

Various anti-money laundering measures are employed to combat criminal activities, including restricting account operations. During the reporting period, law enforcement and banks added data on more than 1,800 cryptocurrency wallets of illegal entities to the “Transparent Blockchain” system.

Earlier in the first quarter of 2025, the Bank of Russia identified 1638 financial pyramids involving crypto payments.