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Ukrainian police have dismantled a cryptocurrency fraud ring in Kyiv, with the case involving up to $1 million in monthly illicit proceeds.

2026.09.03 18:18:17

Ukraine’s National Police and Security Service have seized a fake cryptocurrency investment platform network based in Kyiv. The scam group used Telegram to distribute fake investment ads, luring victims to a counterfeit trading platform to steal their wallet assets. Investigations confirmed the group defrauded 62 victims across more than 20 countries, including Germany, Poland, France, the UK, Canada, Israel, and other regions. Fraudsters displayed false returns via forged trading interfaces; when users applied for withdrawals, they tricked them into authorizing small test transactions under the pretext of “account verification”, then exploited built-in crypto-theft programs to transfer funds from victims’ wallets. Ukrainian security authorities stated the criminal ring is led by a 25-year-old IT professional, with a peak monthly operation scale of $1 million. Police conducted 34 searches in Kyiv and its surrounding areas, seizing over 100 computers, more than 100 mobile phones, 79 SIM cards, and a large number of related devices. The case remains under further investigation, as police pursue additional suspects, identify more victims, and trace the full scale of stolen funds.

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