Liliya Nurieva, the former head of networks at Finiko, has become the first executive to be sentenced for her role in what the Russian Central Bank considers the biggest crypto scam in the country's history. Nurieva was handed a three-year jail term after being found guilty of fraud and organized crime offenses.

Finiko, launched in 2018, lured investors with promises of hefty returns of "up to 30%" on deposits of $1,000 or more. The company also offered seemingly lucrative borrowing and financing services, all conducted in Bitcoin and their own cryptocurrency. Prosecutors allege Finiko operated a classic Ponzi scheme, using funds from new investors to pay off earlier ones.

The house of cards came tumbling down in mid-2021. Investors grew frustrated with delayed payouts, culminating in a complete halt of payments in June. The value of Finiko's coin plummeted, and their offices shuttered overnight. Nurieva's lawyer claims she was unaware of the scam, even investing her own money in the company. However, the court rejected this defense, finding her guilty and sentencing her with time served in pre-trial custody factored in.

Nurieva's sentencing marks a small victory for defrauded investors, some of whom attended the trial. Lyudmila Yamshchikova, an investor from Kazan, told Izvestia, "Half of our city invested in Finiko. We were counting on the returns. But then everything just dried up."

The mastermind co-founders, Kirill Doronin (the project's public face) and Edvard Sabirov (business partner of Russia's ex-Communications Minister), remain out of reach. Doronin was arrested in mid-2021, while Sabirov was apprehended by Interpol in the UAE in late 2022. Both await trial.

The Finiko fiasco serves as a stark reminder of the dangers of pyramid schemes and the allure of easy money in the often-unregulated world of cryptocurrency. As authorities continue their pursuit of the remaining perpetrators, Nurieva's sentence offers a glimmer of hope for investors seeking justice.