Ukrainian Police Dismantle Money 24/7 Crypto Scam Operation, Seize ₴20 Million

Ukrainian authorities have cracked down on a cryptocurrency scam operation known as Money 24/7, seizing over ₴20 million in cash during a series of raids.

The scheme, which operated under the guise of a legitimate currency and cryptoasset exchange, involved creating fake online platforms and luring victims into handing over their funds with promises of future cryptocurrency rewards.

According to investigators, clients would submit requests to exchange cash for cryptocurrencies, only to be invited to an office where they would hand over their money in exchange for empty promises of a transfer. To add legitimacy to the operation, scammers used fake web resources, a Telegram channel, and even rented an office space.

One identified victim suffered losses totaling nearly 1.6 million hryvnias, but authorities suspect there may be many more victims still unknown. The organizer of the scheme faces up to 12 years in prison with confiscation of property for organizing large-scale property seizure by deception.