The Russian Central Bank has issued a pyramid fraud notice to ZetBull.
According to the CBR’s May 17th warning, ZetBull exhibits “evidence of a financial pyramid.”
ZetBull, which debuted late last year, promises returns of up to 6500%.
ZetBull is a Boris CEO Ponzi scheme that was originally led by Russian actors.
Traffic to ZetBull has dropped dramatically in recent months.
ZetBull’s website had traffic from Egypt, Saudi Arabia, and Russia when one of the website examined it in September 2021.
Scammers have since moved on to France (21 percent), Kazakhstan (16 percent), Romania (7 percent), Argentina (6 percent), and Cote d’Ivoire (6 percent).
It’s worth noting that traffic from France is down 55% month over month. Romania’s has dropped by 29%. Investor complaints on ZetBull’s social media indicate that the Ponzi scheme ended in March 2022:
Given that the scammers behind ZetBull are based in Russia and appear to have avoided growing too large there, Russian authorities are unlikely to take any further action.