Zhytomyr Resident Accused of Cryptocurrency Fraud Amounting to 3.7 Million Hryvnias

Investigators from the Zhytomyr District Police Department are probing a case involving a 40-year-old local resident suspected of illegally acquiring funds from the crypto wallets of acquaintances.

At the end of 2024, two city residents, aged 56 and 35, reported to the police the disappearance of their cryptocurrency holdings.

Authorities discovered that the complainants had previously sought advice on creating and restoring crypto wallets from an acquaintance working in the IT sector.

According to the investigation, the suspect had confidential information and remote access to the victims’ computers, enabling him to transfer their assets, totaling over 3.7 million hryvnias (~$88,500), to himself.

Currently, the “crypto consultant” has been notified of suspicion of fraud, unauthorized interference with electronic systems, and illegal actions with payment means.

He faces up to 15 years in prison with confiscation of property.

Earlier in February, Ukraine’s NSSMC listed nine investment projects as unreliable, some of which offered earnings through cryptocurrencies and mining.