Russian Central Bank Says ‘Almost All Financial Scams Are Now Crypto-themed’

The Russian Central Bank has reported that “almost all” of the financial scams identified in the past year had some connection to cryptocurrency. The bank stated that there was a 16% increase in financial scams in 2023, with the majority of them having a crypto-related theme. In 2022, half of the pseudo-investment projects were found to accept cryptocurrency payments or be crypto-related, while in 2023, almost all pyramid schemes and illegal brokers offered investments in cryptoassets or accepted crypto payments. The Central Bank has identified over 5,700 entities involved in illegal activities, including financial pyramids. However, the bank noted that the average lifespan of scam projects has become shorter and victims are experiencing less financial damage. In response, the bank has blocked access to over 11,200 web pages belonging to illegal participants in the financial market and operators of financial pyramids. The bank has also launched numerous criminal and administrative cases against suspected Russian financial scammers, many of which involve the use of crypto or crypto themes.