Lyconet has been added to the Central Bank of Russia’s illegal company blacklist.

As per the Central Bank, it has established the Lyconet exhibits “signs of a pyramid scheme”.

As a result, the Central bank states Lyconet is engaged in “illegal activities”.

Lyconet was added to the Central Bank’s blacklist on June 1st, 2021.

Lyconet is part of the long-running Lyoness Ponzi scheme. Associated companies include myWorld and CashbackWorld.

Other countries that have declared Lyoness a pyramid scheme include Poland, Italy, Norway, Switzerland and Greece.

Lyoness was founded in 2003 by Hubert Freidl (right).

Freidl runs the Ponzi scheme from his native Austria.