Following the introduction of its FNK token exit-scam, Finiko has disabled withdrawals confirming its collapse.

Owing to it being a Russian Ponzi scheme, specific details of Finiko’s collapse are scarce. I’m relying on auto-translations for the most part.

From what I’ve been able to gather Finiko withdrawal issues began on or around July 12th.

Finiko announced its
FNK token exit-scam
in April. It followed the Central Bank of Russia issuing a
Finiko securities fraud notice
in February.

Whereas we typically don’t see Russian authorities take action against MLM scammers, Finiko is not only run from Russia but also targeted Russian investors.

Finiko started as a Russian language Ponzi scheme in August 2019. When the original scam collapsed, Finiko rebooted in early 2020.

The new iteration was still pitched at Russians but also targeted international investors.

BehindMLM reviewed Finiko in May 2020. At the time Alexa pegged 70% of traffic to Finiko’s website from Russia.

Today Russia accounts for 82% of traffic. South Africa is the second largest at 4%, followed by Switzerland at 2%.

Russian authorities cracking down on Finiko would certainly explain the FNK token exit-scam and subsequent collapse.

Russian media began covering Finiko’s collapse on July 17th. Kirill Doronin is credited as a co-founder of the company.

Doronin (right) claims the same on his personal Instagram profile.

In a social media announcement made on July 16th, Doronin claimed he’d been unable to contact his three Finiko partners. He also claimed to be locked out of Finiko’s accounts.

Doronin’s partners, credited as Edward Sabirov, Marat Sabirov and Zygmunt Zygmuntovich, claim just prior to Finiko’s July 12th collapse, Doronin

asked to withdraw all the money from the accounts to open three more companies in other countries, and then said:

“I am *, and under threat, of course, I have made this transaction of funds.”

On July 19th the Sabirovs and Zygmuntovich issued a followup statement, blaming Doronin for Finiko’s collapse and claiming they
now feared for their own lives
.

In a twenty-five minute video uploaded to YouTube, the trio distanced themselves from operation of Finiko.

Update 14th September 2021 – 
In what is likely an attempt to hide evidence, the video featuring Zygmuntovich and the Sabirovs referenced above has been deleted from YouTube.

I’ve as such disabled the previously accessible link to the video.
/end update

Zygmuntovich and the Sabirovs claim they took orders from Doronin.

All the tasks that I (was) assigned, or I and the guys did – all the tasks came directly from Kirill. And he set all the tasks, ”Zygmuntovich said.

“And the ideas themselves were his. Everything connected with all programs, with the token – these are not our ideas,” Marat Sabirov added.

Kirill is the direct founder of the system, the Finiko platform. And he has repeatedly stated this, including from the stage.

As recounted by the trio, Doronin fled Russia

🤖 Quick Answer

What is Finiko and why did it collapse?
Finiko is a Russian Ponzi scheme that began operating in August 2019. Following the introduction of its FNK token exit-scam in April and subsequent withdrawal restrictions initiated around July 12th, the platform collapsed. The Central Bank of Russia had previously issued a securities fraud notice against Finiko in February.

Why did Russian authorities take action against Finiko?
Russian authorities typically refrain from prosecuting MLM scammers. However, Finiko warranted intervention because it operated from Russia while specifically targeting Russian investors, making it a domestic securities fraud case rather than an international scheme affecting foreign citizens.

What was Finiko's operational history?**
Finiko initiated operations as a Russian-language Ponzi scheme in August 2019. When the original fraudulent structure collapsed, the operators relaunched the scheme in early 2020

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