The Bank of Russia, in its latest report, revealed a concerning rise in financial scams with crypto-related elements in 2023. The number of entities involved in illegal activities, including financial pyramids, allegedly increased by 15.5% compared to the previous year, reaching 5,735 identified cases.
Online Scams Skyrocket As Crypto Takes Center Stage
The report highlights a growing trend of illegal participants in the financial market utilizing cryptocurrencies. In 2022, every second pseudo-investment project involved cryptocurrency, and by 2023, the bank claims that almost all financial pyramids and illegal brokers offered investments in domestic tokens or accepted contributions in cryptocurrency.
Per the report, these scams primarily operate as “small pseudo-investment projects” created and conducted online. Their reach is amplified through social networks and messaging app Telegram, with organizers actively engaging “popular lifestyle bloggers” for advertising purposes.
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