Ukraine detains suspects over Bitcoin extortion of about $263,000

Ukrainian law enforcement authorities have identified the suspects believed to be behind an extortion of nearly 7 million hryvnias (about $263,000 at the time of writing) in cryptocurrency.

According to the National Police, at the end of May a man filed a report of property damage to his stores following a fire. It turned out the cause was arson, and a resident of Vinnytsia Oblast was involved.

Subsequently, threats were made against the victim and a Bitcoin ransom was demanded.

The police determined that negotiations with the victim were conducted by a resident of Kyiv Oblast. The organizer was also identified.

Three suspects have been charged with extortion and intentional damage to property. Law enforcement is seeking another member of the group.

Earlier, the State Bureau of Investigation of Ukraine found involvement of three Cyber Department employees of the Security Service in the kidnapping of a cryptocurrency trader and the theft of his funds.

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