Crypto-Focused Pyramid Schemes on the Rise in Russia

A recent report from the Central Bank of Russia reveals a surge in financial pyramid schemes that target investors using cryptocurrency. Over 86% of these illegal schemes, identified by the bank, prompt individuals to invest their funds directly into crypto assets. This trend comes as fraudulent entities increasingly exploit online platforms to lure unsuspecting victims. 2,780 suspected illegal financial activities were registered during the first quarter of this year, with a significant increase in pyramid schemes compared to previous years.