Investors deceived by the Russia-based cryptocurrency ponzi scheme Finico sent the crypto pyramid an average of 720,000 rubles, or more than ড 10,000 at the current exchange rate. This assessment comes from a survey of victims conducted by a public non-profit organization.
Finiko investors split with a fifth 1 million rubles
1 Russia is still trying to figure out the scale of its biggest financial scandal since the infamous MMM pyramid in the decade. Finico’s officially registered losses reached 1 billion rubles (close to $ 14 million), with some estimates saying the total could exceed 4 4 billion. According to Chinalysis, the Ponzi scheme has received $ 1.5 billion in bitcoin in less than two years.
Citizens of Russia, Ukraine and other countries in the former Soviet space, EU member states and the United States are among the 800,000 individual depositors in Finico. About 300,000 people have been identified so far, but the actual number is probably much higher. Due to the size of the fraud, the Moscow Interior Ministry took responsibility for the investigation from Tatarstan law enforcement, where Finico was located, and several of its key members were arrested.
About 200 of the deceived investors have filed a complaint with the Federal Foundation for the Protection of Investors and Shareholder Rights, a Russian non-profit organization. Marat Safiulin, head of the foundation, told business news portal Ufatime.ru that 154 of them had been surveyed over the phone about their investments.
Based on their opinion, the Foundation has established that the average financial loss per investor is 724,000 Russian rubles (more than ড 10,000). About 22% of investors lost 1 million rubles (about ,000 14,000) and another 73% sent at least 300,000 rubles (more than ,000 4,000) to Finico. More than half of the surveyed victims took loans to invest in Ponzi schemes.
Finico, which was never included as a legal entity, advertises itself as an “automated profit-making system.” The pyramid was offering people a profit if they sent them money, which they promised to spend on crypto investments and share profits with them. Investors were told that they could use% o to cover, up to 30% faster and higher returns, buy a car or property at a discounted price, or withdraw cash when needed.
Phoenix’s offices in Kazan, the capital of Tatarstan, were first searched in December 2020. Its activities were identified by the Central Bank of Russia in June this year as a sign of the pyramid scheme. Nevertheless, scandals continue to attract new investors.
The Ponzi scheme stopped paying in July and eventually collapsed. Authorities in the Russian republic of Tatarstan have so far detained a number of high-ranking Finico officials, including Pyramid founder Kirill Doronin, its two vice presidents, Ilgis Shakirov and Dina Gabdulina, as well as Lilia Nureyeva. The so-called “tenth star” rank. International arrest warrants were issued for Doronin’s three associates, Zygmunt Zygmuntovich and Marat, and Edward Sabirov, who were able to leave the Russian Federation before the investigation began in July.
Do you think the average amount lost by Finico investors will increase because more victims of the Ponzi scheme have been identified abroad?
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