Ukraine busts Kyiv-based cryptocurrency fraud ring, involved platform's monthly turnover reaches up to $1 million

TechFlow reports that on September 3, according to Decrypt, the Ukrainian National Police and the Security Service of Ukraine recently dismantled a network of fraudulent cryptocurrency investment platforms based in Kyiv. The syndicate used Telegram to distribute fake investment ads, directing victims to connect their wallets and deposit funds while falsifying trading profits behind the scenes. When targets attempted to withdraw their money, the platform instructed them to connect their main wallet and approve a small "test transaction" under the pretense of verification, activating a built-in drainer to transfer assets to wallets controlled by the criminals.

Investigators have identified 62 victims from over 20 countries, including Germany, Poland, France, the United Kingdom, Canada, and Israel. The Security Service of Ukraine noted that the operation was orchestrated by a 25-year-old IT specialist who recruited more than 46 Ukrainians to assist, with peak monthly transaction volumes reaching $1 million. Law enforcement conducted 34 search operations in Kyiv and surrounding areas, seizing over 100 computers, more than 100 mobile phones, 79 SIM cards, cash, and 15 vehicles. The investigation continues.