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March 26, 2025
Crypto fraud is rising in Russia, with scammers posing as brokerage employees to trick victims into investing in fake cryptocurrency exchanges.
The Russian Ministry of Internal Affairs has warned citizens that hackers are infecting smart home devices with crypto mining malware.
Officials claim cybercriminals aim to create networks of compromised devices that could also be used for DDoS attacks, surveillance, and even robbery.
To mitigate risks, the ministry advises regularly changing passwords, updating firmware, and purchasing devices from reputable manufacturers.
Prosecutors in Yakutsk are investigating a case where a resident allegedly lost $4,600 to such a scheme. Authorities have launched a criminal case and a broader inquiry into fraudulent crypto operations.
Illegal crypto mining remains a pressing issue, particularly in regions like the North Caucasus and Siberia. Moscow has enforced seasonal bans on crypto mining until 2031, aiming to conserve electricity during peak winter months.
However, officials in Irkutsk report that while 308 MW of power was freed up, the unused capacity provided no tangible benefit to consumers.
Despite concerns, some government officials argue that mining bans are improving energy reliability. Transbaikal authorities claim no legal mining operations remain in the region and have found no evidence of illegal mining activity. Industry experts remain sceptical about the overall impact of these restrictions.
For more information on these topics, visit diplomacy.edu.