The Federal Security Service (FSB) and Interior Ministry carried out the raids in the Federation Vostok tower, one of Moscow City’s most recognizable skyscrapers, where the crypto offices had been operating alongside legitimate businesses. AdvertisementThe fraud pipelineOne investigation connected to the raids involved a single victim who lost 144 million rubles, roughly $2 million. In that case, scammers posed as FSB agents and convinced the individual to transfer funds through a crypto platform. The country moved from a near-total ban on crypto payments to legalizing Bitcoin mining and permitting certain cross-border crypto transactions for sanctioned trade. Russian authorities also issued a decree banning cryptocurrency mining in the Moscow region effective August 15, 2026.