The Bank of Russia continues its systematic crackdown on the shadow crypto market. In the first half of 2026, the regulator added data on 2,600 crypto wallets involved in illegal schemes to its information system for law enforcement and banks. The total volume of funds attracted through these addresses exceeded 1 billion rubles.
In total, from January to June, 2,900 projects with signs of illegal activity, including financial pyramids, were identified. This is 31% less than a year earlier, but the figure has remained virtually unchanged compared to the previous half-year — indicating stabilization rather than a decline in malicious activity.
Crypto wallets in the digital compliance system
The added addresses are now used by banks to assess client risk profiles and conduct financial investigations. The regulator emphasizes that the number of unique pyramids and pseudo-brokers continues to decline, but their organizers are adapting: they launch the same schemes under new brands or create duplicate websites to bypass blocks.
The enforcement mechanism has become more responsive. The Central Bank quickly detects suspicious pages on social media and the internet, sending them for blocking. The key goal is to prevent a scheme from gaining momentum and attracting a significant number of participants before it becomes noticeable.
Growth of illegal lending and new data sources
Special attention should be paid to the dynamics in the illegal lender segment: their number has doubled compared to the first half of 2025. There are several reasons for this. Stricter requirements for legal microfinance organizations have closed access to loans for clients with high debt burdens, and demand has shifted to the shadow sector, which naturally spurred supply.
A new data source also played a role: the Central Bank began using information from Rosreestr and the FSSP to identify hidden mortgage-backed lending schemes where loans are issued by individuals and individual entrepreneurs. Such offers are actively distributed through social media and classifieds boards.
Notably, amid tighter controls, demand for cold wallets is rising: sales of physical devices grew by 107% in units in the second quarter, and by 84% on marketplaces over the half-year. Investors are increasingly withdrawing assets from exchanges, which adds pressure on the regulatory environment.
My analysis: The doubling of illegal lenders is an alarming signal, indicating that strict regulation of the legal sector without parallel expansion of access to finance merely pushes vulnerable groups toward shadow schemes. As for crypto wallets, the Central Bank's database is becoming an effective tool, but its success will depend on the speed of data exchange with international platforms — without this, some addresses will remain out of reach.