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Detail Analysis

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Date:

Status:

Count:

Contributor:

August 20, 2021

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Verified

1

zerofriction.io

Loss Amount:

100,000,000

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Recovered Amount:

-

Currency:

Dollars, USDT, BTC, USDC, ETH

KYC By:

Audit By:

None

None

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Website:

No data

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Investment

Scams

Extended Method:

Ponzi scheme

Data Sources:

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The founder of one of Russia's largest cryptocurrency scams has been in jail for allegedly defrauding US$100 million from its investors. Finiko was established in Kazan in 2019 and pretended to be a legitimate BTC investment company. In December 2020, Finiko released its native digital currency FNK. According to local reports, the founders will take BTC from investors and reward them with FNK tokens. Blockchain intelligence firm Crystal Blockchain identified 111 million USDT, 1.8 million USDC and 888 ETH (worth $2.8 million) which it tied to Finiko’s wallet. And then there is Sergey Mendeleev, the founder of Garantex exchange who believes that the amount the scammers made away with was 10 times higher. According to him, in January this year, the Finiko team withdrew $100 million in BTC in just one week, sending the “entire Moscow crypto market on fire.”

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.