Investors Lost $10,000 on Average to Russian Crypto Pyramid Finiko, Poll Reveals

Investors Lost $10,000 on Average to Russian Crypto Pyramid Finiko, Poll Reveals


Investors defrauded by the Russia-based cryptocurrency Ponzi scheme Finiko have sent the crypto pyramid an average exceeding 720,000 rubles, or more than $10,000 at current exchange rates. The assessment comes from a survey of victims conducted by a public non-profit organization.

Fifth of Finiko Investors Parted With Over 1 Million Rubles

Russia is still trying to grasp the magnitude of its largest financial scam since the notorious MMM pyramid in the 1990s. While the officially registered losses to Finiko have reached 1 billion rubles (close to $14 million), some estimates suggest the total is likely to exceed $4 billion. According to Chainalysis, the Ponzi scheme received over $1.5 billion worth of bitcoin in less than two years.

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