Russian police arrest suspect in cryptocurrency Ponzi scheme

According to Chain News, Russian media The Bell reported that Russian police arrested Kirill Doronin, co-founder of a company called Finiko. Finiko allows users to invest in Bitcoin and obtain Finiko's native token income, and sets up promotion rewards.

In July, one of Finiko's founders, Kirill Doronin, was arrested on suspicion of fraud, and on Wednesday Finiko's other co-founders, Marat and Edward Sabirov, and Zygmunt Zygmuntovich, were put on the wanted list by Russian police.

According to police, about 100 people reported the case to the police and demanded about 70 million rubles (about $1 million) from Finiko. However, according to The Bell, citing anonymous sources in Russian banks, Finiko had accumulated as much as 7 billion rubles, or nearly $95 million.