TechFlow News, March 2, reported that according to a report by the Central Bank of Russia published by DLNews, operators of financial pyramid schemes in the country are shifting en masse into the cryptocurrency space. In 2025, Russian citizens sent funds to 4,600 cryptocurrency wallets controlled by fraudsters. The central bank identified 7,087 financial pyramids, fake brokers, and other fraudulent schemes—80% of which operate online and 84% of which use cryptocurrency to raise funds, up from 77% in 2024. The central bank has ordered the blocking of 21,500 related web pages and social media posts and warned the public that only licensed entities are authorized to publicly offer investment products to retail investors in Russia.
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