Russian hockey player charged with $800,000 crypto fraud

Former Russian athlete ordered a month prison time over his alleged role in an $800,000 crypto fraud. A CEO of an IT company filed the complaint against Musatov alleging that the athlete deceived him while making a deal about selling bitcoins.

Ex Ice hockey winger from Russia, Igor Musatov has been arrested for his alleged role in $800,000 crypto fraud. According to a report by Russian Information agency TASS, a Moscow court ordered the former hockey player to be detained for a month over $800,000 cryptocurrency fraud.

Igor Musatov pleaded innocent in the court as he said that this incident happened because of misunderstanding. It is alleged that Musatov was part of a firm which was involved in an $800,000 exit scam. A CEO of an IT company filed a complaint against the athlete alleging that he deceived him while making a deal related to selling bitcoins.

Currently, there are no strict laws in Russia against the use of cryptocurrencies. Laws are still in the gray area. The other person involved in the crime has been placed under house arrest by the court.

A survey conducted by the Russian Public Opinion Research Center (VCIOM) about cryptocurrencies earlier this year revealed that hype around cryptocurrencies in the country is on the decline. People with less knowledge about the cryptocurrencies are more often prone to these scams. Let us know in comments how do you think authorities curb down these frauds?