Ukraine Busts UAH 6 Million Cryptocurrency Investment Scam, Confiscates Massive Assets Including Luxury Cars

Recently, Ukrainian police, with the assistance of their international counterparts, dismantled a cryptocurrency investment scam targeting Latvian residents.

The fake cryptocurrency trading platform is known to have caused more than UAH 6 million in losses to Latvian residents.

In 2022, the suspects created this fake trading platform, falsely claiming to be a legitimate trading website and contacting the victims by phone.

Police said the fraud group aggressively promoted their fake investment service on social media, using social engineering tactics and promising high profits to lure victims into investing. They also persuaded victims to install remote control software in an attempt to take control of their devices and access sensitive information such as bank accounts.

To launder the money, the suspects registered sole proprietorships and also falsely claimed that the proceeds of the fraud were earned through IT services.

Starting with the victims' e-wallets, investigators traced the destination of the virtual assets in question and collected digital evidence of the criminal group's activities.

With the help of the related department, the police carried out more than thirty raids in various regions of Ukraine and seized computer equipment, servers, crypto wallets, mobile phones, documents, bank cards and luxury cars purchased with illegal funds. The confiscated assets have been frozen by court order.