The Central Bank of Russia recognized the crypto project “The Boy’s Word” as a financial pyramid

The Bank of Russia has expanded its list of organizations suspected of engaging in illegal activities. Among the newly added financial pyramids is the cryptocurrency project known as “The Boy’s Word” (Slovopacana).

The creators of this project, inspired by a popular TV series, are luring people in with promises of substantial daily increases in the value of their coins, called Boiler tokens (BLR), ranging from 1% to 25%.

However, there are withdrawal restrictions in place: users can only access their funds if they also possess a second token called Booster (BST). To participate in the project, individuals are required to pay a minimum fee of $100.

Additionally, the Central Bank of the Russian Federation has recently targeted other organizations involved in financial pyramid schemes, such as the brokerage firm Procash-mining and the company, which offers cloud mining services as a means to generate profits.

In the past year alone, the Central Bank of the Russian Federation has identified a total of 2,176 financial pyramids, which represents a 47% increase compared to 2022. As part of its efforts to combat fraudulent activities, the Central Bank plans to closely monitor cross-border transactions made by Russian citizens engaging in cryptocurrency purchases in 2024.