In St. Petersburg, officers of the FSB for the city and the Leningrad region, with the support of the National Guard, stopped the theft of cryptocurrencies: according to law enforcement, a group used phone fraud to take cryptocurrencies and other electronic money from victims.
How the Digital Money Scheme Worked
According to the regional office of the FSB of Russia, two call center offices operated in the city. The group included 30 Russian citizens and 20 foreigners. Victims were called under various pretexts, after which their digital assets and electronic funds were stolen.
Cryptocurrency in such schemes becomes a convenient target for criminals because transactions take place in a digital environment. The currency can be transferred via blockchain, and bitcoin often appears among the assets. Such cases are classified as “Crimes in the Field of Information Technology,” when fraud is associated with communications, payment services, and digital infrastructure.
What Criminal Cases Were Opened After the Raids
Criminal cases have been initiated under Part Four of Article 159 of the Criminal Code of the Russian Federation for fraud and under Part Two of Article 187 of the Criminal Code of the Russian Federation for illegal circulation of payment means.
From a legal perspective, the theft of digital assets can be classified as theft of property if cryptocurrency or electronic money was lost due to deception, abuse of trust, or illegal operations with payment means.
- Part Four of Article 159 of the Criminal Code of the Russian Federation: fraud on a particularly large scale or by an organized group. Penalties can be up to 10 years in prison.
- Part Two of Article 187 of the Criminal Code of the Russian Federation: illegal circulation of payment means committed by an organized group. Penalties can be up to 7 years in prison.
Searches were conducted in offices and at the residences of the organizers. Law enforcement seized technical equipment, communication devices, and money, including cryptocurrency.
What the Detainees Said
One of the suspects stated that mostly foreign students worked in the fraudulent office. Another detainee said he was responsible for recruiting employees to work with cryptocurrency.
For victims, such actions mean direct property damage. The issue of recovering stolen assets may involve civil law, property law, and provisions contained in the Civil Code of the Russian Federation. At the same time, law enforcement considers the crime itself under criminal law.
What to Do if Your Cryptocurrency Is Stolen
If you discover a theft, it is important to act quickly and preserve all traces of the transfer.
- Record the date, time, amount, and wallet addresses to which the funds were sent.
- Save screenshots, correspondence, receipts, account data, and transaction history.
- Contact the police and provide the collected evidence.
- Notify the exchange, exchanger, or wallet service through which the transaction was made.
- Change passwords, disconnect suspicious devices, and check your computer or phone for malware.
Is It Possible to Recover Stolen Cryptocurrency
The chance of recovery depends on how quickly the victim recorded the theft, where the assets went, and whether platforms are willing to help law enforcement. Blockchain transactions are difficult to reverse, and the anonymity of wallets and technical transfer chains complicate the search for the recipient.
Sometimes funds can be frozen through an exchange if the stolen assets quickly end up on a serviced platform. If the assets went through a chain of transfers or to anonymous wallets, it is more difficult to recover them.
What Schemes Are Used to Steal Cryptocurrency
- Phishing: scammers fake websites, emails, or login pages and trick users into giving up wallet data.
- Exchange hacks: criminals gain access to platform infrastructure and steal users’ funds.
- Malware: such programs steal passwords, substitute wallet addresses, or gain access to the device.
- Social engineering: a person is convinced to transfer assets themselves or disclose access data.
- Skimming: payment data is stolen using fake devices or software substitutions.
- Fake initial coin offerings: scammers collect money under the guise of launching a new digital project.
Major Cryptocurrency Thefts in History
- Mt. Gox: an example of a major theft from a crypto exchange.
- Coincheck: a case where criminals stole digital assets from a crypto platform.
- Poly Network: an example of an attack on digital infrastructure related to cryptocurrency transfers.
Why It Is Important for Digital Asset Owners to Be More Careful
Fraud with digital money is often disguised as investments, favorable exchanges, or promises of quick profits. Sometimes such a scheme resembles a financial pyramid, where participants transfer funds in hopes of a profit and then lose money.
The Bank of Russia warns about the risks of dubious financial offers and operations with digital assets. To reduce the risk of theft, cryptocurrency owners should follow basic rules:
- Do not share codes, passwords, and wallet access.
- Use two-factor authentication.
- Store funds on hardware wallets.
- Check website and app addresses.
- Regularly update software.
- Do not click on suspicious links.
Previously, the Supreme Court included the digital ruble in the list of theft objects. Criminal liability is provided for the theft of such funds.
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