Kyiv-Based Crypto Scammers Dismantled by Ukrainian Authorities

Ukraine's National Police and Security Service have dismantled a network of fake investment platforms operating in Kyiv, which drained cryptocurrency wallets belonging to citizens from over 20 countries. The operation, which was led by a 25-year-old IT specialist, reportedly generated up to $1 million per month at its peak.

The group's pitch began on Telegram, where they advertised supposedly profitable crypto projects and recruited more than 46 Ukrainians to staff the offices, handle security, and develop the fake platforms. The victims were lured in by promises of high returns, but once their funds were deposited, withdrawal requests were blocked.

To verify that the platform was working, victims were told they needed to connect their main wallet and approve a small test transaction. This approval fed a drainer built into the site, which moved the assets to wallets controlled by the group and locked the victim out.