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

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

<