$1M Monthly Crypto Heist Uncovered: Ukrainian Police Dismantle Scam Network

Ukrainian authorities have dismantled a network of fake investment platforms that used a crypto 'drainer' to steal up to $1 million per month from victims in over 20 countries.

The scam, which was run from Kyiv, involved operators creating transactions and adjusting account balances to simulate gains. When victims tried to withdraw their funds, the sites asked them to connect their main crypto wallets and approve a small test transaction, at which point the hidden drainer moved the users' funds to wallets controlled by the operators.

More than 46 Ukrainians were involved in the alleged operation, with technical staff building and maintaining the fake sites and other workers contacting potential victims. The platforms also collected personal data from victims, exposing them to identity theft and further fraud.