ChainCatcher report: Ukrainian police and the Security Service of Ukraine (SBU) recently dismantled a fraud network that stole cryptocurrencies through fake investment platforms. The network lured users by posing as legitimate investment websites, tricking them into connecting their primary crypto wallets and approving a small test transaction during withdrawal attempts. Subsequently, a hidden “wallet stealer” embedded in the site automatically transferred users’ funds to wallets controlled by the operators and expelled victims from the platform. Investigators have confirmed 62 victims, with over 46 Ukrainian citizens involved in the operation; the network is estimated to have stolen up to $1 million per month. Authorities stated that the displayed profits on the platform were entirely fabricated—operators manually created fake transactions and adjusted user account balances to simulate investment growth. In addition to cryptocurrency, the platform collected victims’ passport details, phone numbers, email addresses, login credentials, and photographs during registration and identity verification. The main organizer, a 25-year-old IT specialist, recruited more than 46 Ukrainian citizens who operated multiple offices in Kyiv and surrounding areas, with team members assigned roles in building and maintaining fake websites, contacting potential victims, and providing security. Victims originated from Germany, Poland, Lithuania, Latvia, Spain, France, the United Kingdom, Canada, Israel, and other countries. Police traced the group’s server infrastructure to the Netherlands and seized the database stored there, which included victim lists, cryptocurrency wallet addresses, alleged stolen amounts, internal communications, and platform operational data. Following this, Ukrainian police and the SBU conducted 34 raids across Kyiv and nearby regions, seizing over 100 computers, more than 100 mobile phones, 79 SIM cards, documents, cash, and 15 vehicles.
Ukrainian Police Crack Down on Crypto Scam Network Stealing Up to $1 Million Monthly
ChaincatcherShare
Summary
Ukrainian police and the SBU dismantled a crypto scam network that was stealing up to $1 million per month. The group used fake investment platforms to trick users into connecting their wallets through small test transactions, after which a hidden wallet stealer drained funds to the operators’ wallets. Investigators identified 62 victims and 46 suspects, including a 25-year-old IT specialist operating multiple offices in Kyiv. The platform displayed fabricated profits and collected personal data. Police seized servers in the Netherlands and carried out 34 raids, recovering over 100 devices, 79 SIM cards, and 15 vehicles. An upgraded enforcement network enabled tracking of cross-border operations.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.