Ukraine busts crypto criminal ring

The embattled country’s law enforcement has been able to undo a criminal ring that defrauded citizens of the CIS region and Europe by running a crypto scheme

Authorities in Ukraine were able to bust a criminal ring and arrest 14 suspects who have been temporarily detained. The people are allegedly involved in a crypto criminal scheme that targeted citizens of Ukraine, Moldova, Kazakhstan, and the European Union.

The suspects were also found in possession of 136 units of computer equipment, 591 sim cards, 12 luxury cards, such as BMW, Mercedes, Porsche, and more. A total of more than $70,000 was found in different cash denominations, including hryvnias, euros, and dollars.

The crypto scheme operated in a rather classic manner, with the suspects phoning in or texting victims and asking them to invest in various crypto projects that were ultimately bogus. The criminals pretended to be stock exchange experts and persuaded individuals to invest their savings in various cryptocurrency funds.

The criminals, led by two Georgian nationals who have been identified as the ring leaders, would study their victims and collect information, and then use different psychological tricks to compel the victims to act on impulse or develop trust with the callers.

Once trust was established, victims would transfer the money to various crypto wallets or bank accounts held by the criminals – not directly investing in specific projects.

The exact scale of the criminal network was not identified, but the operation against the criminals was prove that the Ukrainian police authorities and prosecutor’s officer are able to act under pressure as a full-scale invasion of their country is currently ongoing, launched by the Russian Federation in February 2022.

Efforts to fight back against crypto scams have been mounted globally, with some initiatives actually succeeding. Among those is the Tech Against Scam and the recent arrest of a ZKasino-linked individual who was apprehended by Dutch police.

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Written by Barney


Barney is co-founder of When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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