Ukrainian Police Disrupt Kyiv Cryptocurrency Scam Ring, Involving Up to $1 Million Per Month

BlockBeats News, September 3rd. The Ukrainian National Police and Security Service have shut down a fraudulent cryptocurrency investment platform network based in Kyiv. The group used Telegram to disseminate false investment advertisements, leading victims to a counterfeit trading platform where their wallet assets were stolen.

Investigations have revealed that the group has affected over 62 victims from 20+ countries, including Germany, Poland, France, the UK, Canada, Israel, among others. The scammers displayed fake profits on a forged trading interface and, when users requested withdrawals, they tricked them into authorizing small test transactions under the guise of "account verification." Subsequently, they used a built-in coin theft program to transfer the wallet assets.

The Ukrainian Security Service stated that the organization was led by a 25-year-old IT specialist, with a peak monthly operation volume of $1 million. The police conducted 34 searches in Kyiv and surrounding areas, seizing over 100 computers, 100+ mobile phones, 79 SIM cards, and a significant amount of related equipment. The case is still under further investigation, with the authorities tracking down more individuals involved, victims, and the scale of the stolen funds.