Cryptocurrency fraud network with monthly turnover of up to $1 million dismantled in Ukraine

Cryptocurrency fraud network with monthly turnover of up to $1 million dismantled in Ukraine

Ukraine’s Security Service and National Police dismantled a Kyiv-based crypto fraud network that allegedly targeted EU citizens and generated monthly turnover of up to $1 million at its peak.

Investigators say the group, involving several dozen people and led by a 25-year-old IT specialist, posed as representatives of cryptocurrency platforms and lured victims with supposedly profitable investment opportunities promoted through Telegram channels.

After showing victims fictitious trading results, the suspects allegedly directed them to fake websites designed to mimic legitimate crypto services. The sites contained malicious “drainer” code that enabled unauthorized withdrawals once users connected their wallets and approved transactions. Police searched 23 offices and homes, seizing phones, computer equipment, cash believed to be criminal proceeds and 16 luxury cars, including Porsche, BMW and Mercedes-Benz vehicles. Authorities have not yet named any suspects, and the investigation is ongoing.