Ukraine Shuts Down Crypto Scam Network Targeting Victims in Over 20 Countries

Ukraine’s National Police and Security Service have shut down a network of fake crypto investment platforms that investigators say drained victims’ wallets across more than 20 countries.

Authorities have identified 62 victims so far, including people in Germany, Poland, Lithuania, Latvia, Spain, France, the UK, Canada, and Israel. The operation ran from several offices in Kyiv and the surrounding region, with more than 46 Ukrainians recruited to manage the operation by developing the platforms and handling calls.

According to Ukraine’s Security Service, the organizer was a 25-year-old IT specialist, and the operation generated up to $1 million a month at its peak. The group promoted supposedly profitable crypto investments through Telegram and directed users to websites designed to look like legitimate trading platforms.

Victims could see their balances increase on the fake platforms, but the attackers blocked withdrawals. They were then told to connect their main crypto wallet and approve a small test transaction. That approval allowed the attackers to use a wallet drainer embedded in the site, letting them transfer the victims’ assets to wallets under their control.

Investigators also found that the platforms collected personal information during registration and verification, including passport details, phone numbers, email addresses, login credentials, passwords, and photographs. A database recovered from servers in the Netherlands reportedly contained victim records, wallet addresses, amounts stolen, and internal communications.

Ukrainian authorities carried out 34 searches, seizing more than 100 computers, more than 100 phones, 79 SIM cards, cash, and 15 vehicles. The investigation is continuing as authorities work to identify additional suspects and victims and determine the total amount stolen.