Russia's financial watchdogs are facing a surge in crypto-related fraud. In the first half of 2025 alone, the Central Bank of Russia reported identifying more than 4,100 entities involved in illegal financial activities — with over 1,000 of them operating as classic Ponzi schemes promising "guaranteed" returns on crypto investments.

Crypto Fraud on the Rise Despite Decline in Traditional Scams

While the number of illegal forex dealers and traditional pseudo-investment platforms is slightly declining, fraudsters are increasingly turning to the world of crypto. Digital assets have become the bait of choice, used to lure in unsuspecting investors with promises of fast profits. Most of these crypto schemes operated as short-term online projects, aggressively promoted via social media.

Vast Majority Involved Cryptocurrency Payments

According to the Central Bank’s data, over 80% of these identified schemes required investors to pay in cryptocurrency, while the remaining cases used foreign payment systems. Last year, only 59% of such scams accepted crypto, showing a clear upward trend.

Authorities also observed a growing number of fake exchanges, pretending to offer crypto trading while merely collecting deposits from victims.

Illicit Crypto Lending and Debt Harassment

Another rising concern is the spread of unlicensed lenders offering crypto-based loans. Although the loan amounts are listed in rubles, the disbursement typically comes in stablecoins like Tether (USDT). Borrowers are then expected to repay in either crypto or Russian fiat. Numerous complaints have been filed over unethical and aggressive debt collection tactics used by these illegal lenders.

Telegram: A Hub for Crypto Scammers

To recruit new victims, fraudsters launched more than 170 Telegram channels promoting their schemes. In response, authorities shut down over 3,000 social media pages and advertising platforms, and in total more than 11,000 online resources linked to financial scams — potentially reaching up to 20 million users.

As a result, 240 legal proceedings have been initiated under the Russian Code of Administrative Offenses.

Tighter Monitoring of Crypto Transactions

In collaboration with law enforcement, Russia’s central bank has been expanding its database of suspicious cryptocurrency wallets, which now includes over 1,800 addresses tied to illicit activities. A special tracking system links these wallets with fiat currency transactions, allowing authorities to flag potentially high-risk users — even on peer-to-peer platforms.

According to the bank, more than 600 payment credentials were subject to restrictions in the first half of 2025, forming part of a broader anti-money laundering strategy.


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