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Russian Central Bank Uncovers Pyramid Scheme Attracting Crypto Investment

Published: 27/09/2018
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What is it for?

The Russian regulator found the facts of using a Ponzi scheme by a group of companies called "Cashbery". The firm positioned itself as an investment service and accepted funds in cryptocurrency, Interfax reports citing the insider in Russian Central Bank.

 

"Cashbery" suggested investing in microloans for business, as well as lending to other users or receiving money secured by a property. At the same time, the company's website promised a profit of up to 600% annually, "plenty of bonuses", and the opportunity to trade the company’s shares.

 

Digital assets were also proposed as investment objects. According to the "Cashbery" website, the company has been earning on the cryptocurrency trade since 2015. They call themselves professionals in the financial sector. Moreover, the firm offers a business school.

 

Users were allowed to make investments in the form of fiat (US dollars, euros, rubles, and other national currencies) and cryptocurrency — bitcoins and ethers. The minimum amount of investment could not be less than 1000 rubles (about $15 or 0.002 bitcoins), and the maximum could not exceed 3 million rubles ($45.5 thousand or about 7 bitcoins).

 

"Cashbury" reportedly includes both Russian and foreign firms that work without a license from the central bank. At the same time, the brand held dynamic advertising to attract as many customers across Russia as possible, Valery Lyakh, CBR representative, claims. He called the company one of the largest financial pyramids, which the regulator managed to expose in recent years.

 

Now the case is examined by the Prosecutor General's Office and the Ministry of Internal Affairs of Russia. Presumably, tens of thousands of people were affected by the company's activities.


Previously, a Russian resident lost $20,000 due to bitcoin scammers.

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