In Kyiv, authorities uncover a gang that defrauded 3 million hryvnias by posing as cryptocurrency investments

Ukrainian law enforcement authorities reported the identification of a group of criminals who organized a fraudulent scheme posing as cryptocurrency investments.

According to the data from the Kyiv Prosecutor’s Office, the suspects advertised their services online and on social networks since 2021, guaranteeing clients substantial profits from investments in crypto assets.

They also demanded from investors payment of commissions allegedly for withdrawing the earned funds.

However, the criminals did not provide any services to clients, and the money they obtained was distributed among the group members. They severed all contact with the duped investors.

The minimum contribution was 11,000 hryvnias (almost $390 at the time of writing). According to preliminary data, the criminals deceived dozens of citizens and foreigners. The amount of damage is estimated at about 3 million hryvnias (over $105,000).

Law enforcement identified seven suspects in fraud on a particularly large scale. The alleged organizer of the scheme — a 21-year-old Kyiv resident — was detained at a meeting with an investor during the handover of 400,000 hryvnias ($14,000).

The investigation continues.

Earlier, the Security Service of Ukraine reported the detection of criminals who laundered funds for hackers and sold USB drives containing viruses to hack cryptocurrency wallets.

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