Russian Forex pyramid architect moves to blockchain seminars

Maria Nikolova

Having spent 7.5 years in prison over Forex fraud, Alexey Kalinichenko now seeks to tap the growing interest in novel financial technologies.

counting house

Blockchain technologies have attracted huge interest among businesses and regulatory bodies in Russia lately. Along with this trend, the number of fraudulent schemes abusing the growing popularity of blockchain and bitcoin is also growing. According to a recent statement by Marat Safiulin, who is at the helm of the Federal Public-State Foundation for the Protection of Investor and Shareholder Rights, a new financial pyramid emerges in Russia every 48 hours. He has also noted that fraudulent schemes involving crypto-currencies and new financial technologies are of particular concern and has forecast that they will spread further in the future.

We should not be surprised then to see that Alexey Kalinichenko is among those venturing into the blockchain area. The name of Mr Kalinichenko is known to those familiar with the history of the Russian Forex industry – with its dark side, to be more precise. Kalinichenko, also known as the “Forex Mavrodi” or the “Ural Mavrodi”, spent 7.5 years in prison over Forex fraud. He was released in June 2017, after having served his full sentence. He is estimated to have defrauded investors out of more than RUB 2.1 billion – the clients of his companies had been promised that their money would be invested in the FX market.

Alexey Kalinichenko’s personal website has now re-emerged with an invitation for a “Blockchain seminar and show”.

The event is poised to combine musical performances with presentations about Bitcoin, Ethereum, bitmoney, blockchain, and graphene. The seminar is supposed to shed light on “the new global economic model”, with the ticket for the July 11, 2017 event costing RUB 3,000.

Russian authorities had earlier taken a harsh stance regarding bitcoin and other virtual currencies. This has markedly changed and the central bank is even working on the launch of a national virtual currency. Proposals for the regulation of blockchain and crypto-currencies are in the works. In the meantime, while the lack of clarity around these types of fintech persists, investors will have hard time deciding on whether to trust a given project or not.

Read this next

Retail FX

eToro is latest platform to suspend Terra’s LUNA, Binance resumes trading

Israeli social trading network eToro has become the latest platform to suspend trading on the Terra (LUNA) cryptocurrency in light of a market-wide downturn.

Industry News

UK court allows ThinkMarkets’ “obscure” B-book claims against IS Prime

“The Judge added that “Think did need to address the concerns expressed” as its counterclaim “suffers from a lack of detail, obscurity and potential inconsistency”.

Retail FX

Brazilian Broker XP launches crypto trading to 3.5M users

XP Inc (XP.O) is set to launch a crypto trading platform, dubbed ‘XTAGE’, as Brazil’s largest broker is looking to tap into the growing interest in trading bitcoin and other digital assets.

Retail FX

easyMarkets adds MT5 as demand for platform continues to grow

easyMarkets has joined a growing group of brokers in switching over to MetaTrader 5 (MT5), becoming the latest retail platform to incorporate the platform into its live trading infrastructure.

Institutional FX

SGX’s FX volume shines in a largely lackluster April

The Singapore Exchange (SGX) notched a healthy gain in its FX and indices volumes, despite seeing a wavering performance across commodity and securities segments.

Industry News

Devexperts webinar: Attracting retail traders with fractional trading

Following the successful webinar on introducing crypto to retail investors, Devexperts is returning to host a new one about fractional trading. 

Digital Assets

Relai to launch bitcoin debit card to unlock BTC via every purchase

To attract more retail investors to the crowdfunding project, Relai has promised 0% fees on transactions on the Relai app for those who invest €5,000 or more.

Digital Assets

Amid crypto meltdown, Tether reduces corporate debts in USDT reserves

Tether, which is closely affiliated with crypto exchange Bitfinex, has drastically reduced its holdings of commercial debt in its reserves over the last six months. Instead, the stablecoin issuer allocated most of its non-fiat reserves to Treasury bills, almost doubling assets in short-term government securities.

Industry News

TrustPay launches SEPA instant payments

” Our clients will now be able to make instant transactions with the immediate settlement of funds, which makes business more effective in today’s fast world.”

<