Russian Central Bank Reports Cryptocurrency Dominates Financial Scams

The Bank of Russia reported that the majority of financial scams in 2023 were linked to cryptocurrencies, particularly involving pyramid schemes and illicit brokerages

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According to the Bank, scammers lure crypto investors with promises of substantial returns through social platforms like Telegram

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Fund With the help of cryptocurrencies, these fraudsters evade detection and transfer funds internationally account

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The central bank also blacklisted websites, restricted access to resources, and pursued legal action against perpetrators throughout 2023

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