3,300 investors from various countries were scammed by Russian pyramid Finiko – DiarioBitcoin

3,300 investors from various countries were scammed by Russian pyramid Finiko - DiarioBitcoin

3,300 investors from various countries were scammed by Russian pyramid Finiko - DiarioBitcoin By Daily EditorBitcoin

A survey revealed that on average investors lost $ 10,000 to the Finiko pyramid scam.


Investors scammed by the scheme Ponzi cryptocurrency based in Russia Finiko they sent the pyramid scheme an average of more than 720,000 rubles (more than $ 10,000) per person, a survey revealed.

According to the medium Bitcoin.com, although the losses officially recorded for Finiko have reached 1 billion rubles (about USD $ 14 million), some estimates suggest that the total is likely to exceed $ 4 billion (ie $ 56 million). According Chainalysis, the Ponzi scheme received more than $ 1.5 billion rubles (more than $ 21 million) in bitcoins in less than two years.

Citizens of Russia, Ukraine and other countries of the European Union and the United States are among the people who sent 800,000 deposits to Finiko. Around 3,300 victims have been identified so far, but the actual number is likely to be much higher. Due to the scale of the fraud, the Interior Ministry in Moscow took over the investigation from the police in Tatarstan, where it was based. Finiko and several of its key members were arrested.

About 200 of the scammed investors have filed complaints with the Federal Foundation for the Protection of the Rights of Investors and Shareholders, a public non-profit organization in Russia, local media reported. Marat Safiulin, director of the foundation, said 154 of them were surveyed by phone about their investments.

See also  MinTIC Colombia publishes second version of the guide for Blockchain adoption at the state level - DiarioBitcoin

Based on your comments, the foundation has established that the average financial loss per investor amounts to 724,000 Russian rubles (more than $ 10,000). About 22% of investors lost more than 1 million rubles (almost $ 14,000), and another 73% sent Finiko at least 300,000 rubles each (more than $ 4,000). More than half of the surveyed victims took out loans to invest in the Ponzi scheme.

How Finiko was promoted

Finiko, which was never incorporated as a legal entity, was promoted as a “Automatic profit generation system”. The pyramid was offering people very attractive profits if they sent their money, which promised to make crypto investments and share the profits with them. Investors were told they could use the fast, high yields of up to 30% to cover a loan, buy a car or property at discounted prices, or withdraw cash when needed.

The offices of Finiko in the capital of Tatarstan, the city of Kazan, they were registered for the first time in December 2020. Their activities were designated by the Central Bank of Russia as showing signs of a pyramid scheme in June this year. Despite that, the scam continued to attract new investors.

The Ponzi scheme stopped making payments in July and eventually collapsed. The authorities of the Russian Republic of Tatarstan have so far detained several high-ranking executives from Finiko, including the pyramid’s founder, Kirill Doronin, two of its vice presidents, Ilgiz Shakirov and Dina Gabdullina, as well as Lilia Nurieva, who rose to the rank of the so-called “Tenth star”. International arrest warrants were issued for three of Doronin’s associates, Zygmunt Zygmuntovich, and Marat and Edward Sabirov, who managed to leave the Russian Federation before the investigation began in July.

See also  United States inflation in June was the highest since 1981, Bitcoin falls in price with the news - DiarioBitcoin

It is worth remembering that there are many pyramid schemes that are operating today. Therefore, it is important to be vigilant when a company offers extraordinary profits with crypto. It is best to do your research before investing. Here are some red flags for scams.

More information about scams in our articles:

Sources: Bitcoin.com, file

Version of DailyBitcoin

Picture of Unsplash

Leave a Comment

Your email address will not be published.