Fake Crypto Investment Platforms Dismantled in Ukraine

A network of fake crypto investment platforms has been dismantled in Ukraine after draining wallets belonging to people in more than 20 countries.

The operation, which was led by a 25-year-old IT specialist, had a monthly turnover of up to $1 million at its peak and handled funds from victims in Germany, Poland, Lithuania, Latvia, Spain, France, the UK, Canada, and Israel.

Victims were shown fake investment gains before being told that another verification procedure was required before their money could be released. However, operators blocked withdrawal requests and instructed users to connect their primary cryptocurrency wallet and approve a small test transaction to demonstrate that the platform was functioning.