According to reports, a large amount of cryptocurrency was withdrawn from a wallet previously controlled by the Finiko Ponzi scheme in Russia. This month, the wallet’s unidentified operators transferred coins worth $48 million. The digital currency was divided into smaller amounts and distributed to various addresses.
750 BTC has been removed from the Crypto Pyramid Finiko Wallet.
750 BTC, worth approximately $48 million at the time of writing, had been withdrawn from one of the wallets used by crypto Ponzi scheme Finiko. Andrey Alistarov, a Youtube blogger, broke the news about the transfer, revealing that it took place in three separate transactions of 250 BTC each since the beginning of November.
According to data from blockchain analysis platform Crystal Blockchain, the funds were initially transferred to a single address before being transferred to another wallet at the cryptocurrency exchange Huobi. According to the publication, the crypto funds were then divided into smaller amounts and transferred to other addresses.
Alistarov claimed that these transactions were ordered by three high-ranking Finiko members who are still at large. Close associates of the pyramid’s founder, Kirill Doronin, Zygmunt Zygmuntovich, Marat Sabirov, and Edward Sabirov, managed to flee the Russian Federation as the crypto investment scheme collapsed this summer, avoiding detention. A high court in Tatarstan confirmed their international arrest warrants in September.
The Russian vlogger speculated that the Finiko co-founders purposefully transferred the money in multiple transactions. “It’s unclear why they haven’t been locked up until now, because they’ve long been labeled as a scam.” “One thing is certain: money is being cashed out right now,” Andrey Alistarov added.
Authorities in Russia are currently working to establish all of the facts in the case of Finiko, a phantom entity that enticed hundreds of thousands of investors by advertising itself as a “automatic profit generation system” and promising exorbitant returns. The federal Ministry of Internal Affairs took over the investigation due to the large scale of the fraud.
Kirill Doronin, an Instagram influencer previously linked to other Ponzi schemes, two of Finiko’s vice presidents, Ilgiz Shakirov and Dina Gabdullina, as well as Lilia Nurieva, who rose to the rank of a so-called “10th Star,” were transferred to the capital Moscow in early October.
Finiko is arguably Russia’s largest financial pyramid scheme since the 1990s’ notorious MMM. While the scam’s official losses have reached 1 billion rubles (approximately $14 million), independent estimates suggest the total is more likely to exceed $4 billion.
According to a report by blockchain forensics firm Chainalysis, the Ponzi scheme received more than $1.5 billion in bitcoin from investors in 800,000 separate deposits between December 2019 and August 2021. Among those affected are citizens of Russia, Ukraine, and other former Soviet republics, as well as citizens of several EU member states and the United States.