Ukraine Cracks Down on Cryptocurrency Scam Generating $1M per Month

Ukrainian authorities have dismantled a large-scale cryptocurrency scam that targeted users in over 20 countries. The operation, led by a 25-year-old IT specialist, allegedly generated up to $1 million per month.

The scam involved fake investment platforms that showed victims fake account balances and convinced them to connect their main crypto wallets. Once users did so, the hidden 'drainer' code inside the websites transferred funds automatically to wallets controlled by the scammers.

Police seized over 100 computers, more than 100 phones, cash, and 15 vehicles during 34 searches across Kyiv and its surrounding region. At least 62 confirmed victims have been identified so far, but investigators believe the actual number is higher.