There are more fraudulent schemes with cryptocurrency. What you need to know

Russian President Vladimir Putin has pointed to an increase in the use of cryptocurrencies in corrupt settlements. So, in October 2024, the former head of the investigative department of the Tverskoy district Committee of Moscow, Marat Tambiev, was sentenced to 16 years in prison for the largest bribe in the history of Russia in the amount of more than 2.7 thousand bitcoins (7.3 billion rubles) and $1.5 million. Along with the spread of corruption schemes, attackers are coming up with new ways to extort money from ordinary citizens. How not to become a victim of crypto scams — in the Izvestia article.

How is Cryptocurrency regulated in Russia

• Currently, Russia has a regulatory framework governing the turnover of digital financial assets, but full-fledged regulation of cryptocurrencies as such remains in the formative stages. The basis of legal regulation is the federal law "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation." This law consolidated the concepts of "digital financial assets" and "digital currency", defining cryptocurrency as property in digital form, issued, accounted for and traded in decentralized information systems.

• The law explicitly prohibits the use of digital currency as a means of payment in Russia, but does not prohibit possession or purchase, which leaves a certain space for investment and storage of crypto assets by individuals.

• From the point of view of taxation, cryptocurrency is considered as property, and income from its sale is subject to taxation at the rates set for income of individuals or legal entities. Citizens who own cryptocurrencies are required to declare their profits to the tax authorities, while failure to comply with these requirements may entail liability, including fines and criminal prosecution in case of concealment of income in significant amounts.

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The attackers pose as bank employees and representatives of operators.

• An important element of regulation is the fight against illegal transactions and cryptocurrency fraud. Law enforcement agencies, Rosfinmonitoring, the Federal Tax Service and the Central Bank are actively cooperating in this area. Tools for analyzing blockchains, tracking addresses, and identifying transactions are used, which makes it possible to identify tax evasion schemes and financial crimes. Recently, special attention has been paid to the regulation of cryptocurrency exchanges and exchangers. Some of them operate in a "gray" zone, providing access to transactions without proper identification of the client. The case of the crypto blogger Bitmama caused a significant resonance, which, thanks to fraudulent "crypto transfers", received 2.2 billion rubles (we wrote more about this here).

• In addition to fighting cybercriminals, the government plans to create a national digital currency, the digital ruble. The Central Bank of Russia is actively developing this project, considering it as an element of the state digital economy and a tool for controlling money turnover. The digital ruble will be issued directly by the Central Bank and will have the status of legal tender, unlike decentralized cryptocurrencies. The introduction of the digital ruble could lead to significant changes in the financial system and possibly further tightening regulation of cryptocurrencies that are beyond government control.

What are the fraudulent schemes with cryptocurrency?

• One of the most common forms is fake free distribution of cryptocurrencies (so-called airdrops). They are used by intruders to collect personal data. In such cases, the user is asked to receive supposedly free cryptocurrency for registration, distributing links, providing a wallet address, or even paying a symbolic commission. Such schemes are often disguised as official campaigns of well-known projects, using logos, fake websites and social media accounts. The result is either a leak of personal data or the loss of funds allegedly transferred to activate participation.

• Another type of fraud involves blackmail and extortion. Attackers send emails or messages claiming to have gained access to the user's personal information, such as photos or information about visited websites. In return for the non-disclosure of this information, they require payment in cryptocurrency, most often in bitcoins. At the same time, the threat is usually not confirmed by anything, and the scheme itself is based on psychological pressure and fear.

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What should resource administrators be afraid of?

• So-called cloud mining is also often used as a cover for fraudulent activities. The user is offered to rent capacities for mining cryptocurrencies through remote data centers. At the start, attractive incomes and automatic payments are demonstrated. However, after a while, the platform disables personal accounts or disappears from the Network. Such schemes often do not have a real technical infrastructure and operate on the principle of a pyramid scheme. This means that payments to early participants are made at the expense of new investments.

• A scheme of fake investment platforms is also common. Scammers create websites that promise high returns on investments in cryptocurrency or access to supposedly unique algorithms. A potential investor registers, deposits funds and sees profit growth in his personal account. However, when trying to withdraw money, it is faced with the inability to receive money or even with account blocking. These sites often use fake reviews and fake licenses.

• The activities of scammers in messengers and social networks are no less dangerous, where they act under the guise of "assistants", "analysts", "support bots" or even allegedly official representatives of cryptocurrency exchanges. Their goal is to gain trust, gain access to confidential information, convince the victim to install malicious software, or transfer funds to their wallets. Sometimes fake communities are created that completely copy real groups, where fake contests and practical jokes are promoted.

How not to become a victim of scams

• A critical assessment of any information related to investments and earnings is necessary, especially if it is accompanied by promises of easy and quick profits. Scammers actively use pressure tactics, limited time, authoritative imitations and technical tricks in order to force a person to act hastily, without delving into the essence of what is happening.

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Attackers exploit legal gaps in the knowledge of potential victims

• In addition, it is worth using only official and proven platforms for storing and managing cryptocurrencies. Reliable cryptocurrency wallets should only be downloaded from official developer websites or from trusted sources. Registration on cryptocurrency exchanges should also take place after checking the legal status, availability of licenses, reviews, as well as the platform's experience in the market.

• Dubious exchangers and anonymous Telegram bots that do not have clear information about the owners and legal details should be avoided. The security of cryptocurrency transactions largely depends on the choice of services, where each element of the infrastructure should be as transparent and technically secure as possible.

Investing in cryptocurrency requires a deep understanding of such digital assets. Lack of necessary knowledge can lead to loss of funds and exposure to fraudsters. Before investing money in cryptocurrency, it is necessary to realize that this is a high-risk investment.

When writing the material, Izvestia took into account the opinions of:

• Oleg Zamiralov, Head of the T-Bank Ecosystem Protection Center;
• Andrey Tugarin, founder of GMT Legal law firm.