Russian Central Bank Says ‘Almost All Financial #scams Are Now Crypto-themed’

The Russian Central Bank reported that "almost all" financial scams identified in the past year had elements related to #cryptocurrencies.

According to an official statement, the bank noted a nearly 16% increase in financial scams in 2023 compared to the previous year, with crypto themes prevalent in nearly every case.

The bank highlighted a growing number of illegal entities in the financial market employing crypto-related themes. In 2023, it identified 5,735 entities, including companies, projects, and individual entrepreneurs, suspected of engaging in illegal activities such as financial pyramids.

Despite the rise in such projects, the bank noted a positive trend: the lifespan of scam projects had decreased, and they were causing less financial damage on average.

To combat these scams, the regulator blocked access to over 11,200 web pages associated with illegal financial market participants and operators of financial pyramids.

The Central Bank also took legal action against suspected financial scammers, launching over 125 criminal cases and 620 administrative cases, many of which involved the use of cryptocurrencies or crypto-related themes.

Collaborating with authorities like the Federal Antimonopoly Service and Roskomnadzor, the bank aims to crack down on financial scams. Its public list of suspected scams includes social media chatrooms, crypto-related games, suspected fraudulent exchanges, and #CryptoTrading bot schemes. Additionally, it identifies firms allegedly involved in crypto mining scams, where investors are solicited to fund dubious Bitcoin mining centers purportedly located in Siberia.

Source - cryptonews.com

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