Founder of crypto pyramid scheme Finiko deported from UAE

The United Arab Emirates has deported a founder of Finiko, Russia’s largest recent cryptocurrency pyramid scheme, Russian officials reported.

The fraudulent project defrauded thousands of investors across the post-Soviet region and internationally, causing millions in losses.

Details about the deported founder and the circumstances of the UAE extradition have not been disclosed, as authorities continue their investigation into the collapsed scheme.

Irina Volk, spokesperson for Russia’s Ministry of Internal Affairs (MVD), reportedly announced that a person accused of leading a criminal organization and committing large-scale fraud has been transferred to Russian custody at Dubai Airport.

The suspect was handed over by UAE authorities to Russia’s National Central Bureau, the country’s Interpol office responsible for international police cooperation.

Finiko launched in Russia in 2018. Victims reportedly lost up to $95 million. In 2022, Interpol arrested the alleged leader, Edvard Sabirov, in the UAE. However, several other Finiko members remained at large.