Finiko Crypto Pyramid Founder Deported from UAE in Major Fraud Case

A founder of the Finiko crypto pyramid scheme was deported from the UAE to Russia. The scheme defrauded thousands, causing losses over $12 million. Investigations and legal proceedings against other organizers continue.

A founder of Finiko, Russia’s largest recent cryptocurrency pyramid scheme, has been deported from the United Arab Emirates to Russia. The individual is accused of creating and leading a criminal organization and committing large-scale fraud. Finiko operated from 2018 to 2021, luring over 7,700 investors in Russia and internationally with promises of high returns on investments in stocks, securities, and digital assets, accepting cryptocurrency payments and selling its own token, FNK. However, no actual investments were made, resulting in losses exceeding 1 billion rubles ($12.7–14 million), with some reports suggesting total damages could reach $95 million. The suspect fled abroad after the scheme collapsed in 2021 and was located in the UAE in 2022 through Interpol efforts. The deportation was coordinated by Russian and UAE authorities, and the investigation into Finiko and its other organizers continues, as authorities gather information from victims across Europe, the US, and former Soviet states.