Ukraine Cracks Down on Money 24/7 Crypto Scam Exposing Large-Scale Swindle
Cyber police in Ukraine have exposed the organizer of a fraudulent network called Money 24/7, which was posing as a legitimate cryptocurrency exchange.
The scheme operated through a website, Telegram channel, registered trademark, and offline office, convincing clients to deposit funds for cryptocurrency exchanges. However, after receiving the money, the organizers did not fulfill their obligations, leaving victims with significant losses.
One victim reportedly lost nearly UAH 1.6 million (approximately $45,000 USD). To create a false appearance of legitimacy, the attackers used physical infrastructure and trademarked materials.
Law enforcement officers conducted over 20 searches in seven regions, seizing more than UAH 20 million in cash and various documents. The organizer was informed of suspicion and faces detention with an alternative bail of UAH 998,400 (approximately $28,000 USD).