Ukraine Dismantles Network of Fake Crypto Investment Platforms

A Ukrainian network of fake crypto investment platforms has been dismantled by authorities, who say it handled up to $1 million in monthly transactions and victimized people in more than 20 countries.

Investigations identified 62 victims so far, with the group operating several offices in Kyiv and its surrounding region. The network's operation began with advertising on Telegram, where potential customers were offered opportunities to invest in crypto projects.

Once funds were deposited, employees manually simulated investment activity, displaying fake trading gains to customers. However, when victims attempted to withdraw their funds, the wallet drainer was activated, using authorization to transfer assets from connected wallets to addresses controlled by the group.