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Pyramid schemes in Russia increasingly rely on crypto, with 80% of frauds operating online and two-thirds using crypto wallets.
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In 2025, more than 7,000 fraudulent schemes were discovered, including fake crypto investment platforms that tricked citizens into sending donations.
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Russia’s central bank has issued warnings, blocked thousands of fraudulent sites, and tightened crypto regulations to protect investors.
Russia’s long-running battle with pyramid schemes has entered a new phase — and this time, money is moving up the chain.
Financial watchdogs say fraudsters are increasingly using cryptocurrencies to power large-scale investment fraud, taking advantage of the proliferation of digital assets and the speed of online platforms.
What once relied on private recruitment is now spread through Telegram channels, social media ads, and crypto wallets.
The result: thousands of new schemes a year – many promising easy profits, almost all ending up the same.
In 2025, Russian authorities uncovered thousands of fraudulent schemes, many of which relied on Bitcoin and other digital technologies to collect funds from unsuspecting citizens.
Pyramid schemes have long plagued the Russian financial landscape, but cryptocurrency has increased their reach.
In 2025 alone, the Central Bank of Russia detected more than 7,000 fraudulent operations, including pyramid schemes and fake brokers.
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80% of these scams operate online, using social media, messaging apps, and phone calls.
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Two-thirds of pyramid scheme operators now rely on crypto, a significant increase from previous years.
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Russian citizens have sent money to more than 4,600 crypto wallets controlled by fraudsters, often in Bitcoin or other popular tokens.
The anonymity of cryptocurrency makes it difficult for authorities to track down and punish perpetrators.
Nearly 1,500 companies have offered fake crypto investments, taking advantage of Russia’s growing interest in digital assets amid economic pressures.
Russia has a history of large-scale crypto fraud.
In 2021, the Phenico pyramid scheme collected more than $1.5 billion in Bitcoin from victims in Eastern Europe.
Recently, schemes like Forsage and Meta Force have been investigated, with the central bank labeling them potential financial pyramids.
These operations often promise high returns through referral systems, but they collapse when new hires dry up, leaving investors empty-handed.
The rise in crypto fraud in Russia is in line with broader trends, as daily crypto spending in the country reaches $648 million, fueling both legitimate use and illegal activity.
