The post Russia Flags Crypto as Key Tool in Illegal Financial Schemes appeared on BitcoinEthereumNews.com.

Russia’s Central Bank identifies crypto as a major enabler for 7,087 illegal entities in 2025. The bank has identified more than 4,600 crypto wallets and 21K web pages linked to scams. The gradual legalization of crypto has pushed the country to the 10th place in crypto adoption. The Central Bank of Russia has identified cryptocurrencies as a key tool for illegal financial activities. Specifically, the bank revealed that most illegal projects operating through social media used cryptocurrencies to raise funds. “Most illegal projects, other than illegal lenders, had no offices and interacted with potential clients through social media, instant messaging, or by phone, and most often used cryptocurrency to raise funds,” the bank stated.  Bank of Russia Identifies 7,087 Illegal Entities Using Crypto According to the bank’s recent report, a total of 7,087 illegal entities, including financial pyramid schemes, were identified to leverage crypto in 2025. However, the Central Bank of Russia stated that the number of illegal entities declined by 21.5% from the prior year. Out of the total identified illegal entities, the bank stated that 3,562 were financial pyramid schemes. Although the identified financial pyramid schemes declined by 35% year-over-year, the bank stated that they accounted for more than half of all the identified schemes. The report highlighted that nearly 1,500 illegal projects in 2025 offered pseudo-investments through crypto assets. Interestingly, the bank stated that 84% of the identified Ponzi schemes accepted crypto assets as a form of payment, which is an increase from 77% reported in the prior year.  As such, the Central Bank of Russia identified more than 4,600 crypto wallets that were directly used by the Ponzi schemes. The bank attributed the intense use of artificial intelligence by 79 Ponzi schemes to lure young investors in 2025.  The organizers of the illegal financial projects used…

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Filed under: News - @ March 2, 2026 10:22 am