Over the past three years, cryptocurrency pyramids have caused damage to CIS users in the amount of $5 billion. At the same time, the number of such fraudulent schemes is increasing every year, and the percentage of scam projects specifically related to cryptocurrency has increased. grew from 16% to 58%.

CIS residents have lost $5 billion in cryptocurrency pyramids in three years

According to a study conducted by the SCHARD digital asset security service, the damage from large cryptocurrency pyramids in the CIS countries reached $5 billion in three years. Analysts report that the number of fraudulent schemes in 2020 was 222, in 2021 – 871, and already in 2022 – more than 2,000 pyramid schemes.

Finiko became the largest cryptocurrency pyramid. According to experts, the damage from the project’s activities amounted to a record $4.6 billion. The essence of the pyramid was to involve new users in the process of trading cryptocurrency (referral programs) – the organizers promised the participants from Finiko a return of 5% per day.

Most of the funds stolen in this way are withdrawn via popular exchanges and trading services; only a small part of the assets remain in the cold wallets of scammers. Despite the fact that victims’ initiative groups exist and criminal cases are initiated, the issue of compensation for damages is rarely resolved in favor of the victims.

Experts cite the following list as criteria for determining a crypto-pyramid:

  • Guarantees of high profitability, promises of monthly earnings.
  • Attract users through referral programs.
  • Lack of licenses and even of legal entities to be accountable.
  • Use media personalities to publicize the project and attract new investors.
  • Fundraising in cryptocurrency to complicate the tracking and control of payments.
  • Lack of a clear explanation of the project technology or a way to test its performance.
  • Lack of transparency in the distribution of profits and vague descriptions of the company’s activities.
  • Aggressive advertising campaigns.


Grigory Shcheglov

Source: RB

Previous articleSince the beginning of the year, the owners of the collection point have filed 400 lawsuits against Wildberries for 560 million rubles.
Next articleScientists have invented a probiotic that protects internal organs from the effects of alcoholScience and technology14:47 | 14 April 2023
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


Please enter your comment!
Please enter your name here