Unlike previous years, where fraudulent projects mainly focused on pseudo-investments in cryptocurrencies, the trend shifted in 2023. Now, most financial scams and illegal brokers are offering investments in fictitious tokens or accepting contributions in cryptocurrency.
The Central Bank of Russia has identified over 5,700 entities engaging in financial pyramid schemes and illegal activities related to digital assets. Majority of these entities are small pseudo-investment projects that operate solely on the internet. Promotional content about these schemes predominantly spread through social networks and messaging platforms, often through influencers with a large following.
The report highlights that 45% of the identified financial pyramids encouraged investors to use foreign payment service providers’ systems. Additionally, nearly 1,500 fraudulent projects accepted contributions in cryptocurrency, enabling the organizers and beneficiaries to remain anonymous.
Notably, the Bank of Russia’s financial stability department head, Elizaveta Danilova, stated that the regulatory body currently has no plans to establish or develop infrastructure platforms specifically for dealing with crypto-assets.