Ukrainian cyber police detain cryptocurrency fraudsters

The Cybercrime Unit of the National Police of Ukraine has exposed five criminals who were involved in an international fraudulent scheme to invest in cryptocurrencies and securities. Law enforcement officials claim that the criminal group opened call centers and customer service offices in several European countries, including Ukraine. In total, the criminals collaborated to steal money from 2,000 people.

The scammers promised potential investors high returns on investments in digital assets, stocks, bonds, and options. When they logged into their accounts on the platform, investors saw that their balance was supposedly growing. However, users were never able to withdraw their funds. The group’s illegal activities have affected hundreds of thousands of people around the world. Currently, criminal cases have been opened in seven countries.

Cyberpolice conducted searches in the homes of the suspected Ukrainians, as well as in the residences of other members of the group in a number of countries. More than 500 computers and mobile phones were seized during the searches. If convicted, under Ukrainian law, the organizers of the criminal group could face up to eight years in prison.

In late August, the SBU seized a wallet used to finance Russia’s military aggression in Ukraine. The investigation revealed that the cryptocurrency wallet belonged to a Russian citizen who sponsors the war in Ukraine. The man called himself a «volunteer» and since the beginning of the full-scale Russian invasion has been raising money for the occupying army. The «volunteer» spent a significant portion of the donations on the purchase of military equipment for the militants of the L/DNR terrorist organizations.