The Central Bank of Russia warns: Russian pyramid schemes are massively shifting towards cryptocurrencies.

PANews reported on March 2nd, citing DL News, that the Central Bank of Russia has warned that financial pyramid scheme organizers in the country have largely shifted to using cryptocurrencies. In 2025, Russian citizens sent funds to cryptocurrency wallets held by fraudsters, involving over 4,600 wallet addresses. Last year, the Central Bank of Russia discovered 7,087 fraudulent schemes, including financial pyramid schemes and fake brokers, 80% of which operated online, with the majority using cryptocurrencies and money mules to transfer funds. In 2025, 84% of fraudsters used cryptocurrencies to raise funds, up from 77% in 2024.

The Central Bank of Russia has ordered the blocking of 21,500 related websites and social media posts. The central bank stated that fraudsters chose cryptocurrency to maintain anonymity and evade punishment, and pledged to strengthen monitoring and intensify efforts to combat cryptocurrency fraud.