Ukrainian criminals siphon €1 million from Estonian residents, via cryptocurrency payments

Ukrainian Cyberpolice, together with Estonian law enforcement, identified suspects in the misappropriation of victims’ funds under the guise of investments in the securities market. The perpetrators accepted payments in cryptocurrency, reported by the Cyberpolice Department.

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According to investigators, the fraudulent scheme was organised by a resident of Kryvyi Rih who recruited a female acquaintance.

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They offered foreign nationals returns from trading securities. To appear more convincing, they also opened a network of call centres in different regions of Ukraine.

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To receive payments, the organiser created several cryptocurrency wallets, the Cyberpolice said.

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The suspects built a site to enable investors to create accounts. In this way they gained access to the victims’ accounts. According to preliminary data, the suspects embezzled more than €1 million from Estonian investors.

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The investigation continues.

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Earlier in January in Kyiv, authorities identified a gang that embezzled more than $100,000 under the guise of cryptocurrency investments.

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