Russia finds more 1,000 crypto pyramid schemes operating locally in 2025

Regulators in Russia have identified more than 1,000 pyramid schemes offering quick returns on cryptocurrency investments in the first half of the year.

The data comes against the backdrop of a significant increase in the number of fraudulent projects in the financial market registered by the Russian central bank.

1,000 crypto pyramids scam Russians in 2025

Between January and June, the Bank of Russia has found 4,183 entities showing signs of illegal financial activities, including many pyramid schemes. That’s almost 20% more than the total from the first six months of last year, the monetary authority announced this week.

While the number of traditional pseudo-investment platforms and illegal forex dealers is shrinking, the share of fraudulent projects using crypto as either a vehicle to collect user funds or as an asset to lure investors continues to grow, the bank said in a new study.

According to the latest edition of its “Combating illegal activity in the financial market” report, financial pyramids during the said period have been 1.4 times more than in H1 of 2024, and almost all operated as short-term online investment projects.

More than 1,000 of these offered “fast and guaranteed” profits from investments in cryptocurrencies and other digital assets. The remaining promised quick earnings from money spent on more classic types of assets, such as precious metals, raw materials or various “innovative businesses.”

80% of pyramid schemes asked investors to send crypto

The great majority of identified financial pyramids, more than 80%, suggested that participants use cryptocurrencies to transfer funds to the projects, and less than 20% offered potential victims to use foreign payment services. For comparison, 59% of such entities accepted crypto last year.

The Central Bank of Russia (CBR) also registered an increase in Internet-based platforms offering opportunities to trade coins on cryptocurrency exchanges. Such projects are taking advantage of domestic and global market developments to promote themselves, the bank noted.

It also detailed:

“Against the backdrop of declining confidence in foreign securities, scammers have become more active in getting interested audiences, mainly from social networks, involved in betting on differences in cryptocurrency rates.”

The CBR has also identified a number of illegal lenders offering short-term loans in cryptocurrency. While the loan amount is indicated in Russian rubles, borrowers would usually get the money in a stablecoin like Tether (USDT), for example. The debt can be repaid in either crypto or Russian fiat.

Regulatory bodies in the Russian Federation have received numerous complaints from clients of illegal lending businesses, including for aggressive debt collection.

Fraudsters launched 170 Telegram channels to lure investors

To attract victims, fraudsters behind pyramid schemes and illegal lenders used more than 170 Telegram channels. Over 3,000 pages on social media sites and advertising platforms promoting illegal lending services have been blocked by the authorities.

In total, more than 11,000 internet resources of illegal participants in the financial market and financial pyramids, with 20 million potential users, have been restricted. Authorities initiated 240 cases under various articles of the Russian Federation’s Code of Administrative Offenses.

Besides constantly updating a blacklist of entities involved in illegal financial activities, the Bank of Russia is also recommending a set of anti-money laundering tools that credit institutions can utilize regarding such players, including restricting transactions and blocking bank accounts.

The CBR noted:

“In the first half of 2025, credit institutions adopted restrictive measures for more than 600 payment details.”

The authority also highlighted that a special information system used by Russian law enforcement agencies and banks to track cryptocurrency transactions and establish links between crypto and fiat flows already contains data for more than 1,800 cryptocurrency wallets used by illegal entities.

The database, along with Russia’s anti-money laundering rules and payment system law, can also be employed to target ordinary crypto users trading on peer-to-peer platforms by flagging their fiat transactions as “high-risk,” as Cryptopolitan recently reported.

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