According to a recent report from the country’s Central Bank, cryptocurrency scams have reached new heights in Russia. In 2022, around half of all fraudulent investment projects used cryptocurrencies to lure victims. However, the situation worsened dramatically in 2023. The report stated that in 2023, almost all pyramid schemes and illegal brokerages mainly used cryptocurrencies to execute fraudulent activities. With the crypto market in Russia projected to reach $2.8 billion annually by 2028, criminals have seized the opportunity to exploit unaware investors.