Russia Cracks Down on Crypto-Enabled Pyramid Schemes with Flagged Wallets

The Bank of Russia flagged over 2,600 cryptocurrency wallets linked to suspected pyramid schemes in the first half of 2026. The central bank shared this data with law enforcement agencies and commercial banks for compliance screening and financial investigations.

The identified wallets had processed more than 1 billion rubles, approximately $11 million at current exchange rates, before being flagged. This represents a significant decline from 2025, when the Bank of Russia identified 4,600 wallets used by pyramid-scheme organisers for investment collection.

Crypto Now Powers Three-Quarters of Russian Pyramid Schemes

The central bank's regulatory data revealed that 74% of identified pyramid schemes used cryptocurrency to attract funds during the period. This trend continues a global pattern, as in 2025, the Bank of Russia identified 7,087 financial pyramids, pseudo-brokers, and other fraudulent schemes, with 84% using cryptocurrency to raise funds.

The new law signed by Russia on August 4th, titled “On Digital Currencies and Digital Rights,” creates a regulatory framework for virtual asset service providers. This legislation takes effect on September 1st and could give authorities sharper tools against wallet-level fraud.