Russian Pyramid Schemes Shift to Cryptocurrencies En Masse

The Central Bank of Russia has issued a warning about the growing use of cryptocurrencies by financial pyramid scheme organizers.

According to ChainCatcher News, the bank identified over 7,000 fraudulent schemes last year, with most operating online and using cryptocurrencies and money mules to transfer funds.

The bank noted that fraudsters prefer cryptocurrencies for their anonymity and ability to evade punishment, and has pledged to strengthen monitoring and intensify efforts to combat crypto fraud.