Over 80% of Russian scams use crypto for funding

In H1 2025, the Bank of Russia identified 2,328 financial pyramid schemes. More than 80% of them used cryptocurrencies — including stablecoins — as their main payment method.

Crypto dominates funding schemes in Russia

The Central Bank of Russia uncovered 2,328 financial pyramids in the first half of 2025 — a 40% increase from the same period in 2024. According to the regulator, over 80% of these scams relied on cryptocurrencies like Bitcoin and USDT to collect funds from victims.

Nearly all of these schemes were disguised as high-yield investment platforms. The number of frauds mimicking licensed securities firms also rose sharply to 1,365, nearly double last year’s figure.

Tactics include social media, fake training, and loans

The Bank of Russia highlights several common fraud methods:

• Social media and Telegram promotion
• Cold calls and fake “advisory” services
• Webinars with simulated trading
• Claims of access to global crypto exchanges
• Microloans in USDT with aggressive debt collection

The number of crypto-based “game” scams dropped from 252 to 74, mainly due to waning interest after the Hamster Combat token collapsed. Authorities also blocked over 11,000 illegal websites and launched more than 240 administrative cases against fraudulent financial operations.