• Another six members of the Finiko Crypto pyramid have been arrested in Russia

  • Six additional members and officials of the notorious crypto Ponzi scheme Finiko have been apprehended by Russian authorities. Hundreds of searches have been undertaken by police in the Republic of Tatarstan and Russia itself as part of an ongoing investigation into the pyramid scheme that duped investors all over the world.

    New Arrests in the Finiko Case Have Been Made in the Russian Federation

    The Russian Ministry of Internal Affairs, with the assistance of the Russian Federation’s National Guard, apprehended six participants and leaders of Finiko, Russia’s greatest financial pyramid in recent decades. The members of the fraudulent scheme were active in Tatarstan and other Russian areas between January 2018 and July 2021, according to Irina Volk, the ministry’s spokesman.

    Volk claimed that they publicized the initiative to attract investors by promising extremely high profits of 3 to 5 percent per day. The con artists demanded that they convert their fiat money into bitcoin and transmit it to Finiko’s crypto wallets. The platform’s own money, “Tsifron,” was then credited to their personal accounts.

    Finiko, in actuality, was never registered as a legal organization in Russia and made no investments on behalf of its clients. After a while, it simply ceased paying the promised dividends to investors, and they were unable to withdraw their monies. More than 5,000 people’s concerns have now been included in the files for the criminal prosecution.

    Officially declared losses surpass 5 billion rubles ($65 million), but the true figure could be substantially greater. According to Chainalysis, a blockchain forensics outfit, the scam received approximately $1.5 billion in bitcoin in 800,000 distinct payments between December 2019 and August 2021. Victims include citizens of Russia, Ukraine, and other former Soviet republics, as well as numerous EU member states including the United States.

    Last year, a number of Finiko’s senior figures were arrested, including the pyramid’s founder and mastermind, Kirill Doronin, two of its vice presidents, Ilgiz Shakirov and Dina Gabdullina, and Lilia Nurieva, who ascended to the level of “10th Star.” Doronin offered to testify against 44 of his co-conspirators in November. His close friends Zygmunt Zygmuntovich, Marat Sabirov, and Edward Sabirov fled Russia after the crypto scam collapsed last summer to avoid detention.

    Irina Volk stated that the accused’s property worth more than 1.3 billion rubles has been confiscated. Along with the recent arrests, representatives from the Russian interior ministry’s Investigative Department conducted over 70 searches, taking papers and computer equipment as evidence for the case.

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