Fraudsters in Russia rarely use cryptos for withdrawing stolen funds, Russian c-bank official says

Maria Nikolova

Artem Sychev says fraudsters in Russia use cash rather than cryptos to withdraw illicit proceeds.

Cryptocurrencies are not frequently used by scammers in Russia to withdraw illegally obtained funds, Artem Sychev, Deputy Director of the Information Security Department of the Central Bank of Russia told information agency TASS.

Rather, he said, fraudsters prefer to cash out stolen funds.

Mr Sychev noted that cryptocurrencies are used quite rarely in Russia. Now and then, cryptos are used to withdraw funds but this does not happen “en masse” given that fraudsters are finding it simpler to use cash.

The central bank has warned about the risks of cryptocurrencies numerous times. There is still no law regulating the use and trading in cryptos in Russia.

The public perception of cryptocurrencies may be defined as skeptical. Earlier this year, the Russian Public Opinion Research Center (VCIOM) published the results of a survey dedicated to cryptocurrencies. The survey, conducted among 1,600 respondents above 18 years of age, indicated that the hype around cryptos in Russia is subsiding.

More than half of the respondents (56%) claim have certain knowledge about Bitcoin but meager 9% of those surveyed say they have detailed knowledge of Bitcoin. Further 18% say they have heard the term “Bitcoin”.

The actual knowledge about Bitcoin is relatively poor. For example, among those who have heard of Bitcoin, 37% are confident that anyone can get Bitcoins, whereas 12% believe Bitcoins are banned in Russia. Another controversial finding is that 28% of the respondents believe it is harder to steal digital currencies when compared to typical currencies, whereas 29% insist that it is easier to steal digital currencies than “normal” currencies.

  • Read this next

    Fintech

    Volt secures EMI license, expands payment solutions in UK

    Volt has successfully obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).

    Retail FX

    ASIC bankrupts finfluencer Tyson Scholz over stock tips

    The Australian Securities and Investments Commission (ASIC) has effectively bankrupted Tyson Robert Scholz, the figure behind “Black Wolf Pit.” The action marks a significant crackdown on so-called ‘finfluencers’ and individuals providing unlicensed financial services.

    Digital Assets

    Green Bitcoin Presale Raises $1M as Bitcoin Approaches its ATH

    The eco-friendly crypto project Green Bitcoin has seen its limited-time presale phase cross $1 million in funding. With an innovative gamified staking model and energy-efficient foundation, Green Bitcoin offers token holders a way to stake their tokens and generate yield.

    Web3

    Introducing QuickNode Streams: Elevating Blockchain Data Management

    Discover QuickNode’s Latest Innovation: Streamlining Blockchain Data Streaming for Enhanced Efficiency and Accessibility. Explore the Future of Blockchain Technology with Streams.

    Industry News

    John Oliver rips into MetaTrader over role in ‘Pig Butchering’ scams

    “If your friend told you to download an app, and you saw it in the app store with good reviews, you might assume everything on it was legitimate. In before, you saw MetaTrader’s logo which looks like three men in suits jerking each other off under a table – an appropriate metaphor for cryptocurrency if I have ever seen one,” Oliver quipped.

    Digital Assets

    Coinbase supports Nethermind and Erigon to ease Geth dependency

    Coinbase plans to support additional execution clients as America’s largest crypto platform aims to improve the Ethereum blockchain’s resilience and mitigate the risks associated with the network’s heavy reliance on a single client.

    Opinion

    How AI Transforms Trading: Current Trends and Perspectives

    In 2023, we observed a boom of news about Artificial Intelligence (AI) in every field, whether finance, tech or medicine. In 2024 and later, AI will take an even more significant place.

    Industry News, Uncategorized

    FCA wants to tackle lack of competition in wholesale data market

    “Complex licensing practices by MDVs and trade data providers who deliver their data through MDVs increase costs for data users. Many Market Data Vendor (MDV) users have to hold licences both from the data generator (such as a trading venue) and from the MDV through which they access data. We have seen an increasing proliferation of licences for similar data types and different use cases. Complexity also drives additional costs for data users, such as operating a compliance team.”

    Digital Assets

    SEC objects to Terraform’s $166 million legal retainer

    The U.S. Securities and Exchange Commission (SEC) has lodged objections against Terraform Labs for a $166 million retainer payment to its legal representatives ahead of its trial.

    <