Ukrainian law enforcement agencies have dismantled a vast transnational crypto scam network. 14 members of the criminal network have been arrested and assets seized by the Ukrainian National Police.
Mafia network dismantled in Ukraine
The Ukrainian authorities’ efforts to combat the illegal use of cryptocurrency continue unabated. According to the local press, Ukrainian authorities have dismantled a criminal network that was defrauding citizens of Ukraine, Moldova, Kazakhstan and the European Union through cryptocurrency.
According to the same sources, 14 people considered to be the organizers of this criminal network have been arrested. They include two Georgian citizens, aged 49 and 51, as well as 12 people they recruited. In addition, during a raid in the Kiev region, police seized 12 luxury cars, 136 units of computer equipment, 951 SIM cards and $64,500.
Fake call centers to deceive victims
The dismantled criminal network had succeeded in setting up a well-organized scam. Indeed, the 14 suspects arrested had set up fake call centers from which to contact victims in order to entice them to invest their money in cryptocurrency in exchange for large and quick gains. To gain the victims’ trust, the suspects posed as stock market experts sharing a profitable investment model.
The promise of gains coupled with the suspects’ apparent expertise succeeded in convincing some of those contacted. According to the police, several victims transferred funds to the crypto wallets and bank cards indicated by the criminals. However, the number of victims and the total amount defrauded by the criminals are not yet known. An investigation by the judicial authorities should be able to determine them, the police note.
As in other economic sectors, the crypto ecosystem is not immune to fraud. Malicious actors are particularly active now that Bitcoin is approaching its ATH and give rise to optimistic forecasts. This is why we need authorities who understand crypto to better combat this form of criminality, without becoming embroiled in a battle against this asset class.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
