The Central Bank of Russia warns that Russian pyramid schemes are massively shifting to cryptocurrencies.

ChainCatcher News, according to DL News, the Central Bank of Russia has warned that organizers of financial pyramid schemes in the country have increasingly turned to using cryptocurrencies. In 2025, Russian citizens sent funds to cryptocurrency wallets held by fraudsters, involving more than 4,600 wallet addresses.

Last year, the central bank identified 7,087 fraudulent schemes such as financial pyramids and fake brokers, 80% of which operated online, with most using cryptocurrencies and money mules to transfer funds. In 2025, 84% of fraudsters used cryptocurrencies to raise funds, up from 77% in 2024. The Russian central bank has ordered the blocking of 21,500 related web pages and social media posts.

The central bank pointed out that fraudsters choose cryptocurrencies to maintain anonymity and evade punishment, and has pledged to strengthen monitoring and intensify efforts to combat crypto fraud.