Russian Central Bank official: Fraudsters ‘very rarely’ use crypto to withdraw stolen funds

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Cryptocurrencies are not frequently used by scammers in Russia to withdraw stolen funds, according to an official from the country’s central bank.

Artem Sychev, deputy director of the information security department at the Central Bank of Russia, told government news-agency TASS that “very rarely” are cryptocurrencies used to withdraw funds by fraudsters.

“It is not massive, because it is much easier for an attacker to get cash,” Sychev noted, adding that scammers mostly use bank cards to withdraw stolen money.

Last week, Russia’s deputy minister of finance Alexei Moiseyev reportedly told that the country may allow cryptocurrency trading. The central bank itself was reportedly considering the possibility of launching its own digital currency in the future. The Russian parliament has also been working on cryptocurrency-related regulations, with the State Duma hosting the second reading of the “On Digital Financial Assets” (DFA) bill in the coming weeks.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

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