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Russian pyramid schemes posing as cryptocurrency brokerages are stealing an average of 1 billion rubles ($13 million) per operation, according to executives at Sberbank, the country’s largest bank, which says it uncovered 38 such scams in the past year that collectively drained billions from investors.
According to Sberbank executives, fraudsters have refined their tactics, shifting away from crude loan-based scams and adopting the language, branding, and digital tools of professional investment firms.
By presenting themselves as brokers offering access to cryptocurrency and traditional asset markets, these schemes are luring victims with promises of fast, “guaranteed” profits.
Stanislav Kuznetsov, deputy chairman of the board at Sberbank, said criminal networks operating a financial pyramid scheme have undergone a strategic evolution. Speaking to state news agency RIA Novosti, Kuznetsov explained that scammers previously focused on convincing victims to take out loans in exchange for rewards and false repayment guarantees.
“That model has largely disappeared,” Kuznetsov said. “Now they are masquerading as pseudo-brokers, offering supposedly profitable participation in cryptocurrency or securities trading.”
The results have been devastating. Sberbank estimates that each financial pyramid scheme operating under this new broker-style model defrauds Russians of roughly 1 billion rubles, or nearly $13 million, before being shut down.
Over the past year alone, Sberbank’s internal security teams identified and disrupted 38 such structures, working closely with Russian law enforcement agencies to freeze accounts and trace illicit flows of funds.
Kuznetsov noted that the fight against financial pyramid scheme networks increasingly relies on advanced technologies. Sberbank has deployed artificial intelligence models and complex analytical algorithms capable of processing massive volumes of transaction data in real time.
“Our solutions allow us not only to respond quickly, but to anticipate threats,” Kuznetsov said. “By analyzing gigantic datasets, we can identify hidden connections between suspects and determine their specific role within a criminal scheme.”
These tools, he added, are fundamentally changing how financial crimes are investigated in Russia, particularly as scammers adopt increasingly sophisticated digital fronts.
The rise of the modern financial pyramid scheme comes as Russian interest in cryptocurrencies continues to grow. After years of skepticism, regulators in Moscow have begun softening their stance toward digital assets, encouraging broader public curiosity and participation.
That rising interest has made crypto a prime lure for fraudsters. In August, the Central Bank of Russia (CBR) reported uncovering more than 4,000 entities with signs of illegal activity in the financial market during the first half of 2025. More than 1,000 of those entities promised “fast and guaranteed” profits from crypto investments—classic red flags of a financial pyramid scheme.
Russia’s Ministry of Internal Affairs later confirmed that cryptocurrency had become one of the most frequently used themes in scams last year. According to a statement reported by Cryptopolitan, digital assets now rank among the top tools used to manipulate victims seeking alternative income streams.
The Civic Chamber of the Russian Federation has also raised concerns about what happens after funds are stolen. In early December, a chamber representative alleged that nearly two-thirds of the money obtained through a financial pyramid scheme is eventually laundered by converting it into cryptocurrency.
But crypto is not the only emerging angle. Even before its full launch—scheduled for autumn 2026—scammers have begun exploiting the concept of the digital ruble. According to a September report by daily newspaper Izvestia, fraudsters are already invoking Russia’s future central bank digital currency to legitimize fraudulent investment offers.
This pattern echoes Russia’s long and painful history with pyramid scams. From the notorious MMM Ponzi scheme of the 1990s to the more recent crypto-focused Finiko collapse, the financial pyramid scheme has repeatedly adapted to new economic narratives.
Russian regulators are now accelerating efforts to bring clarity and oversight to the crypto sector. Government institutions are preparing to comprehensively regulate cryptocurrency investment, trading, and custody during the first half of this year.
At the end of last month, the Bank of Russia released excerpts from a new regulatory framework that would classify Bitcoin and other cryptocurrencies as “currency assets,” a significant shift from earlier positions.
Earlier this week, Anatoly Aksakov, head of the State Duma’s Committee on Financial Markets, confirmed that lawmakers have drafted legislation to formalize crypto market rules and expand access for qualified investors.
Supporters argue that clearer regulation could help reduce the appeal of a financial pyramid scheme by drawing a sharper line between licensed operators and criminal enterprises. Critics, however, warn that scammers will simply adjust again, finding new ways to exploit regulatory gray zones.
Despite new technologies and evolving narratives, experts say the core mechanics of the financial pyramid scheme remain unchanged: early participants are paid with funds from new victims, while organizers vanish once inflows dry up.
As crypto adoption rises and regulatory frameworks take shape, Russian banks and authorities face a race against time. Without sustained public education and aggressive enforcement, analysts warn that the next financial pyramid scheme could be even harder to detect—and even more costly for everyday investors.
