In Kyiv, a network of crypto scammers who could steal up to $1 million per month was exposed

The SSU and National Police have uncovered an extensive network of crypto scammers in Kyiv that defrauded citizens of EU countries and stole funds from their cryptocurrency wallets. According to the investigation, during the “best periods,” the monthly turnover of illegally obtained funds could reach $1 million.

This was reported by the Security Service of Ukraine.

Law enforcement established that several dozen people were involved in the scheme. The perpetrators used social engineering, psychological influence, and cyber tools to convince victims to invest in supposedly profitable cryptocurrency projects.

According to the investigation, the organizer of the scheme was a 25-year-old IT specialist from Kyiv. He recruited Kyiv-based IT specialists who posed as representatives of cryptocurrency platforms.

Potential victims were sought, among other places, through popular Telegram channels. There, the scammers posted messages about supposedly lucrative opportunities to invest in digital assets.

To convince people of the reality of the earnings, the suspects demonstrated fake trading results and examples of supposedly received profits.

After establishing contact, the victims were sent a link to a fake website that externally mimicked a legitimate cryptocurrency service.

On this resource, people were persuaded to connect their crypto wallet and confirm the proposed transaction.

In reality, the site contained specially developed malicious code — a so-called drainer. After the transaction was confirmed, it allowed the perpetrators to unauthorizedly withdraw digital assets from the victims’ crypto wallets to addresses under their control.

In this way, the scammers effectively emptied the crypto wallets of their victims.

Law enforcement conducted 23 searches in the offices and residences of the suspects. During the investigative actions, mobile phones and computer equipment containing evidence of the criminal activity were seized.

The suspects were also found to have money that was likely obtained through criminal means, as well as 16 premium-class vehicles, including Porsche, BMW, and Mercedes-Benz.

The issue of notifying the suspects of suspicion is currently being resolved. The investigation is ongoing, and law enforcement is identifying all participants in the scheme.

They may face up to 12 years in prison with confiscation of property for the crime.

The comprehensive measures were carried out under the procedural guidance of the Office of the Prosecutor General.