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

Executive Moves

CMC Markets taps Finalto’s Julia Free to head UK compliance

CMC Markets PLC (LSE:CMCX) has onboarded Julia Free as its newest head of UK compliance as part of a broader organizational reshuffling at the UK’s biggest spread better.

Digital Assets

Ankr successfully patches hack, will reimburse victims and take actions to prevent further attacks

DeFi protocol Ankr plans to reimburse its affected users after a hacker managed to exploit a bug in its code that allowed for unlimited minting of its liquid staking token.

Industry News

ASIC cancels/suspends AFS license of AFSL Group and Quantum Funds Management

ASIC canceled the AFS license of AFSL Group because it failed to lodge statements and audit reports and it did not maintain AFCA membership. The Australian regulator suspended Quantum because it does not have the required professional indemnity insurance coverage.

Executive Moves

BidX Markets hires Shaun French as Research Analyst – Multi Asset

“We believe with his background in the Financial Markets and being based in Dubai, he will be able to provide our clients with access to outstanding research, while also being in a great location to help support our international clients base which is growing at a rapid pace’’.

Institutional FX

Nasdaq migrates US options exchange to AWS with +10% performance in round-trip latency

Nasdaq has announced the successful migration of the core trading system of Nasdaq MRX – one of its six U.S. options exchanges – to Amazon Web Services (AWS).

Institutional FX

TraditionData launches oil swaps pricing data at a critical time in OTC oil traded markets

TraditionDATA has announced the release of a new proprietary Oil Swap Model (OSM) which brings further visibility into illiquid and opaque oil markets.


TNS connects to Tel Aviv Stock Exchange (TASE) as market data vendor

“This latest exchange connection allows TNS to provide access to approved recipients, including exchange members and market data vendors. This project includes market data for TASE’s equities and increases the number of market data feeds we now offer globally.”

Executive Moves

Cowen Digital taps Taylor S. Cable to lead Europe and Asia operation

“Cowen Digital is a pioneer in delivering institutional grade access to the digital asset ecosystem and I am very excited to join the team at this pivotal time to grow our presence in Europe and Asia.”

Industry News

ASIC sues American Express Australia for lack of TMD on credit cards

“ASIC has now taken multiple actions under the design and distribution regime, including issuing over 20 interim stop orders. This regime turned a new page in the regulation of financial products in Australia and is intended to deliver better outcomes for consumers. It is a priority for ASIC to maximize these increased protections and see the long-term benefits of the DDO regime realized.”