Investors defrauded by the Russia-based cryptocurrency Ponzi scheme Finiko have sent the crypto pyramid an average exceeding 720,000 rubles, or more than $10,000 at current exchange rates. The assessment comes from a survey of victims conducted by a public non-profit organization.

Fifth of Finiko Investors Parted With Over 1 Million Rubles

Russia is still trying to grasp the magnitude of its largest financial scam since the notorious MMM pyramid in the 1990s. While the officially registered losses to Finiko have reached 1 billion rubles (close to $14 million), some estimates suggest the total is likely to exceed $4 billion. According to Chainalysis, the Ponzi scheme received over $1.5 billion worth of bitcoin in less than two years.

Citizens of Russia, Ukraine and other countries in the former-Soviet space, EU member states, and the U.S. are among the people who sent 800,000 separate deposits to Finiko. Around 3,300 of the victims have been identified so far, but the actual number is likely far greater. Due to the size of the fraud, the Interior Ministry in Moscow took over the investigation from law enforcement in Tatarstan, where Finiko was based and several of its key members arrested.

Investors Lost $10,000 on Average to Russian Crypto Pyramid Finiko, Poll Reveals

Around 200 of the defrauded investors have filed complaints with the Federal Foundation for Protection of Investors and Shareholders’ Rights, a public non-profit organization in Russia, local media reported. Marat Safiulin, head of the foundation, told the business news portal…

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