Cryptocurrency fraudsters from Ukraine who created a fake exchange face up to 12 years in prison

Investigators of the National Police of Ukraine and the Security Service of Ukraine have exposed a network of call centers operating under the guise of a cryptocurrency exchange — the participants of the fraudulent scheme face up to 12 years in prison.

According to the official website of the National Police, the criminals misappropriated funds from Ukrainian and EU citizens, but the scheme of «work» with Ukrainians and foreigners differed. Calling Ukrainian citizens, the scammers posed as bank employees, lured confidential bank card data and stole fiat funds, later converting them into cryptocurrency. The fake call center used software that allowed replacing the phone numbers of the criminals with the numbers of banking institutions.

As for foreigners, the fraudsters used fake websites that were presented as cryptocurrency exchanges. Representatives of the exchanges allegedly promised users to make a profit in a short time — that is, they worked according to the Ponzi scheme already familiar to scammers. However, in the end, investors were left with nothing.

According to law enforcement, the organizers of call centers and fake exchanges face up to 12 years in prison. However, this is not the only story about Ukrainian crypto fraudsters. At the end of July, it became known that four fraudsters were detained in Kyiv, who urged users to invest in a fake mining farm and disappeared after receiving the money. Earlier, law enforcement agencies also detained cryptocurrency fraudsters from Ukraine who helped users from Russia and residents of the so-called L/DNR convert fiat currency into cryptocurrency without paying taxes.