Ukraine Cracks Down on Money 24/7 Crypto Scam
Ukrainian authorities have arrested Andrii Smirnov, the alleged organizer of the Money 24/7 cryptocurrency fraud network.
The scheme presented itself as a chain of currency exchange offices and a cryptocurrency exchange service, using polished online branding and a cash office to build trust with clients.
However, investigators claim that after receiving money from clients, the scheme's participants failed to fulfill their obligations, instead transferring part or providing written guarantees to maintain trust and delay victims' reports to law enforcement.
During a large-scale special operation in July 2026, law enforcement officers conducted over 20 searches in seven regions of Ukraine, seizing more than UAH 20 million in cash, documents, computer equipment, phones, and data storage devices.
The scheme's organizer has been served with a notice of suspicion and arrested, while law enforcement officers continue to identify other participants and the number of victims.