A large-scale fraud network operating under the guise of legal crypto exchanges has been exposed in Ukraine. Law enforcement intervention led to more than 20 searches across seven regions of the country. This was reported by Prosecutor General Ruslan Kravchenko in his Telegram channel.
The Illusion of a Legal Business
The criminal scheme was built with a high degree of detail, imitating the operations of a real financial service. The scammers created a full-fledged website, an application processing system, and communication channels in the Telegram messenger. To build trust, exchange points were organized in various regions of Ukraine where applications were accepted and confirmation codes were issued.
However, behind the facade of legality lay a simple predatory mechanism. As investigators found out, after clients transferred funds for "cashing out," they received neither cryptocurrency nor a return of their money. The scheme relied entirely on the victims' trust in the professionalism of the financial intermediaries.
Operational Purchase and Scale of Seizures
During the documentation of the crime, law enforcement officers conducted an operational purchase, during which the scammers, following their scheme, obtained 50,000 hryvnias. This allowed them to record the crime in the act of its commission and gather irrefutable evidence.
According to the Prosecutor General, during the large-scale searches, cash in various currencies totaling more than 20 million hryvnias was seized from the network participants. Technical equipment and documents ensuring the platform's operation were also seized.
Fate of Organizers and Executors
The investigation is already preparing suspicion notifications for all exposed participants of the scheme. They will be charged with obtaining someone else's property through deception by a premeditated group of persons. Currently, law enforcement is working to identify all links in the chain—from the network organizers to the couriers who collected funds from the victims.
Although the official name of the network has not yet been disclosed, sources in law enforcement agencies indicate that it may be the Money 24/7 service. This is the first major exposure of such a structure, which used citizens' trust in new financial technologies for theft.
Context of the Fight Against Cybercrime
This investigation takes place against the backdrop of increased state attention to the cryptocurrency sector. Recently, for the first time, cryptocurrency linked to a hacker group that attacked companies and citizens in Europe and the US came under state control. On June 27, more than 8.3 million USDT were transferred to the ARMA crypto wallet, equivalent to more than 372 million hryvnias.
In parallel with the fight against cyber fraud, law enforcement continues to expose corruption schemes in other areas. Recently, the heads of the State Enterprise "Kyiv Regional Road Administration" were exposed for organizing the illegal rental of state property for cash.
The investigation into the crypto fraud case continues. Law enforcement promises to take the case to court and return the funds to the victims within the framework of the criminal proceedings.