Cointime

Download App
iOS & Android

Central Bank of Russia: 68% of financial pyramids are related to cryptocurrencies

The Central Bank of Russia stated that in the past 9 months, the number of financial pyramid schemes that raised funds or promoted digital asset investments with various cryptocurrencies has increased. Such projects account for 68% of the total number of pyramid schemes.

Comments

All Comments

Recommended for you

  • Cointime MAY 1 News Express

    1.Celsius Network destroys 94% of total supply of CEL, worth over $89 million2.USDC Treasury destroyed more than 200 million USDC3.Pike was suspected of being hacked and lost 479 ETH4.Fantom launches $6.5 million development fund, betting on safer memecoins5.Yesterday, the U.S. spot Bitcoin ETF had a net outflow of $162 million6.The balance of Binance Bitcoin wallet increased by 6249.36 in the past 24 hours, and 15565.89 inflows in the past 7 days7.In April, NFT sales on the Bitcoin chain exceeded US$685 million, setting the third highest monthly record in history8.On-chain content distribution agreement Metale Protocol completes additional $2 million in seed round financing9.A whale deposited 1,140 MKR into Coinbase, losing about $1.1 million10.The Bitcoin stablecoin project, bitSmiley, goes live with its Alphanet V1, marking its debut deployment on the Bitcoin Layer 2 network, Bitlayer.
  • CZ sentenced: A chronology of Binance’s legal battles in the US

    Former Binance CEO Changpeng “CZ” Zhao was sentenced to four months in prison for violating U.S. money laundering laws.
  • Russia to impose cryptocurrency restrictions, exempting miners and central bank projects

    Russia will implement cryptocurrency restrictions, exempting miners and central bank projects. Starting from September 1st, Russia will impose strict restrictions on the circulation of cryptocurrencies such as Bitcoin, only allowing the issuance of digital financial assets within its jurisdiction. Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma, led this initiative. This is part of a wider government effort to control the cryptocurrency ecosystem in the face of escalating geopolitical tensions. Aksakov stated that the upcoming legislation aims to restrict non-Russian cryptocurrency transactions to strengthen the dominance of the ruble. Meanwhile, recent reports indicate that Russian entities have used cryptocurrencies, particularly Tether's USDT, to purchase key components for military technology.
  • ConsenSys proposes four key reasons to support Ethereum's non-security status

    The US SEC's re-examination of whether Ethereum belongs to the securities category has caused controversy. ConsenSys has put forward four reasons to support Ethereum's non-securities status:
  • Cointime April 27th News Express

    1. ETH falls below $3,100
  • Russia’s Central Bank and Rosfinmonitoring unveil pilot of fiat-to-crypto tracking system

    According to reports, since 2023, Russia has been trying to track cryptocurrency transactions and their sources. The Russian Central Bank and the Federal Financial Monitoring Service (Rosfinmonitoring) revealed that there is currently a system that allows private banks to track the connection between fiat-based transactions and cryptocurrency business.
  • Caixin: Mainland investors are currently not allowed to participate in the trading of Hong Kong virtual asset spot ETFs

    According to Caixin, the first batch of six virtual asset spot ETFs issued by Boshi International, Huaxia Fund (Hong Kong), and Jiashi International has been officially approved by the Hong Kong Securities Regulatory Commission. The goal is to be listed on April 30, 2024. It should be noted that mainland Chinese investors are currently not able to participate in the trading of these ETFs, despite the fact that they are first issued by Hong Kong companies under the umbrella of Chinese public funds.According to the product list on the Hong Kong Securities Regulatory Commission website, these six virtual asset spot ETFs were officially approved on April 23, 2024. The products are as follows: Jiashi Bitcoin Spot ETF (03439.HK), Jiashi Ethereum Spot ETF (03179.HK), Huaxia Bitcoin ETF (03042.HK), Huaxia Ethereum ETF (03046.HK), Boshi HashKey Bitcoin ETF (03008.HK), and Boshi HashKey Ethereum ETF (03009.HK).
  • U.S. House of Representatives: Agreement on stablecoin regulation will soon be reached with the Chairman of the Financial Services Committee

    Maxine Waters, the Democratic leader of the US Financial Services Committee, predicted on Wednesday that she and Chairman Patrick McHenry will soon reach an agreement on stablecoin regulation legislation.
  • Binance Founder Faces Potential Three-Year Prison Sentence and $50 Million Fine for Money Laundering and Sanctions Violations

    Binance founder Changpeng Zhao has been recommended a three-year prison sentence by federal prosecutors for violating federal money laundering laws and sanctions. The Department of Justice argued that this sentence would hold him accountable for his intentional criminal conduct and send a message to the world. Zhao made a "business decision" to break the law to attract users, build his company, and line his pockets, according to prosecutors. Along with the prison sentence, DOJ lawyers also requested that Zhao pay the $50 million fine he agreed to as part of a plea deal. Zhao, who is a citizen of the UAE and Canada, has been released on a $175 million bond but must remain in the U.S. until his sentencing on April 30.
  • Indonesian President: $8.6 billion laundered through cryptocurrency in 2021

    According to Golden Finance News, Indonesian President Joko Widodo stated that he has noticed signs of money laundering through cryptocurrency in 2021, amounting to $8.6 billion (IDR 139 trillion). In addition to cryptocurrencies and NFTs, the president emphasized the need to monitor other potential money laundering tools, including virtual assets, market activities, e-currencies, and AI-driven transactions. Mahendra Siregar, Chairman of the Financial Services Authority (OJK) Committee, responded to the President's directive, stating that when cryptocurrency regulation is transferred to the OJK next year, his agency will supervise these issues.