Former Russian Minister of Communications Nikolai Nikiforov has been placed on a wanted list. Investigators accuse the ex-official of organizing a criminal group and large-scale fraud. According to authorities, Nikiforov is linked to the creation of the Finiko pyramid scheme, which promised profits from investments in both securities and cryptocurrencies.

The Finiko Case: What We Know So Far

The case files mention around 8,000 investors and an estimated 5 billion rubles ($55 million) in losses. Criminal charges focus on suspicions of setting up and running a criminal organization, plus defrauding citizens out of massive sums.

The Crypto Angle

Investigators say Finiko lured people in with promises of returns from trading stocks and crypto. This crypto spin helped Finiko market itself as a legit investment project tied to the digital asset space.