Cryptocurrency Misused as Scam Tool in Russia
Russian financial fraud groups are increasingly using cryptocurrency as their main tool for pyramid schemes, warned the Central Bank. In 2025 alone, over 4,600 wallet addresses were found to have received illicit funds, signaling a growing problem.
Online Fraud Soars with Crypto as Preferred Channel
Out of 7,087 financial scams identified by the Russian central bank last year, 80% operated online, with most using cryptocurrency or 'money mules' to move funds. Notably, 84% of fraudsters used crypto for fundraising in 2025, up from 77% in 2024.
Regulatory Crackdown Intensifies
To curb the misuse of cryptocurrency in illegal activities, the Russian central bank has taken strong measures, blocking 21,500 web links and social media posts linked to scams. Authorities say fraudsters favor crypto due to its anonymity and promise to enhance monitoring and enforcement against crypto-related fraud.