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Ukraine uncovers fake crypto platform network with up to $1 million monthly turnover
Ukraine's National Police and Security Service have dismantled a network of fake investment platforms used to steal cryptocurrency from users in more than 20 countries. At its peak, the scheme had monthly turnover of up to $1 million, while authorities have already identified 62 victims.
According to a press release, the network was organized by a 25-year-old IT specialist. He recruited more than 46 Ukrainian citizens and set up several offices in Kyiv and the surrounding region.
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The operation included developers who created the fake investment platforms and kept them running when attempts were made to block them. Other participants communicated with clients, worked in the offices, and provided security.
Victims were targeted through Telegram ads
The scammers placed advertisements for supposedly profitable cryptocurrency projects in Telegram channels. After registering, users connected their wallets and transferred funds for investment.
In reality, no trading took place. Employees manually altered data in customers' accounts to create the appearance of growing balances and successful investments.
When users attempted to withdraw their money, the platform blocked the transaction. To resolve the supposed problem, they were instructed to connect their main crypto wallet and approve a small "test" transaction.
A crypto drainer embedded in the website used this approval to gain access to the assets and transfer them to addresses controlled by the scammers. The victims then lost access to their funds.
Police seize more than 200 computers and phones
Authorities gained access to server equipment in the Netherlands that stored the group's database. Investigators found information about victims, crypto wallet addresses, amounts stolen, internal communications, and data on the operation of the fake platforms.
Investigators have already identified 62 victims from more than 20 countries, including Germany, Poland, Lithuania, Latvia, Spain, France, the UK, Canada, and Israel. The platforms also collected users' personal data during registration and verification.
Authorities carried out 34 searches in Kyiv and the surrounding region. They seized more than 100 computers and 100 phones, 79 SIM cards, a GSM gateway, cash, and 15 vehicles.
Some of the property was registered to the suspects' wives and relatives, while the alleged organizer traveled with armed security. The investigation is ongoing as police work to identify additional participants and victims and determine the final amount of losses.
In July, Ukrainian authorities uncovered another network of cryptocurrency exchanges suspected of systematically defrauding customers of approximately $10 million. Searches were conducted in seven regions of the country, with authorities seizing more than $480,000 in cash.
The case is another example of cryptocurrency infrastructure being used in large-scale fraud schemes in Ukraine. Ukrainian law enforcement continues to investigate the network and trace the origin and movement of funds linked to it.
Earlier, we reported on a Palantir-backed Ukrainian defense startup that is using technological expertise developed during the war. The company is building solutions based on experience with advanced technologies deployed directly in combat conditions.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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