A majority of the financial pyramids identified in 2022 used cryptocurrencies in one way or another, Russia’s central bank announced in a new report. Amid Western sanctions, Russian scams have stepped up their activities, often claiming to be licensed by foreign authorities to offer access to crypto assets.
Russian Pyramids Take Advantage of Western Sanctions and Popularity of Crypto
Over 56% of the pyramid schemes in the Russian Federation during the first half of the year, or 537 entities, raised funds in various cryptocurrencies or advertised crypto investments, a report devoted to countering illegal activities in the country’s financial market reveals. The paper has been published by the Central Bank of Russia (CBR).
Quoted by RBC Crypto, the regulator remarked that the sanctions imposed by the West over the conflict in Ukraine have dramatically changed the working conditions for legal financial institutions in Russia and fraudsters benefitted from the situation.
Russians were...
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