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The Bank of Russia has issued a public warning about the increasing use of memecoins and tap-to-earn games to deceive individuals. The central bank’s recent report highlights a notable rise in financial scams during the first half of 2024, with a significant focus on these digital trends.
Surge in Financial Scams
According to the report, the Bank of Russia identified over 3,490 entities exhibiting characteristics of Ponzi schemes within the first six months of 2024. This marks a 43% increase compared to the same period in 2023. A large portion of these schemes was found in the sector of economic games, particularly tap-to-earn applications.
Exploitation of Viral Media Trends
Scammers are increasingly leveraging viral media trends to attract victims. The report emphasizes that these bad actors capitalize on the popularity of clicker games and memecoins. Over 14% of illegal projects were found to operate as economic games.
Mixed Investment Schemes
The central bank also noted a rise in “mixed” schemes, which purported to offer investment opportunities alongside trading in various assets, including forex pairs and cryptocurrencies. The report revealed that 59% of suspected Ponzi schemes accepted contributions in cryptocurrencies, while 36% utilized foreign payment services.
Popularity of Tap-to-Earn Games
Tap-to-earn games have gained traction across Eurasia, allowing users to earn digital points by performing simple actions like tapping the screen. These points promise conversion into real tokens, making the games appealing due to their low entry barriers and the potential for rewards with minimal effort.
Case Study: Notcoin
Notcoin led this trend, generating significant interest through viral marketing and gamified earning strategies. Following its success, other tap-to-earn games emerged, primarily on Telegram. One such game, Hamster Kombat (HMSTR), has faced scrutiny from a Russian lawmaker who has called for a ban on these applications due to concerns about scams.
“They leverage viral media trends for promotion, such as the hype around popular clicker games and memecoins,” The Bank of Russia noted.
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