Ukraine Busts Crypto Fraud Network Targeting EU Victims

Ukraine’s Security Service and National Police have dismantled a Kyiv-based cryptocurrency fraud network that allegedly targeted people in the European Union and turned over as much as $1 million a month at its peak.

Investigators say the group involved several dozen people and was led by a 25-year-old IT specialist. Members posed as representatives of crypto platforms and promoted supposedly lucrative investments through Telegram channels. After being shown fake trading results, victims were directed to websites imitating legitimate crypto services. Those sites carried malicious ‘drainer’ code that let the fraudsters empty a victim’s wallet once it was connected and a transaction approved.

Police searched 23 offices and homes, seizing phones, computer equipment, cash suspected to be criminal proceeds and 16 luxury cars. No suspects have been named and the investigation continues.

Article Credit: https://www.occrp.org/en/news/ukraine-busts-crypto-fraud-network-targeting-eu-victims