Ukraine Busts Kyiv Crypto Drainer Ring Moving Up to $1M Monthly

In brief

• Ukraine's National Police and Security Service said Tuesday they had shut down a network of fake investment platforms run from Kyiv.
• Investigators have identified 62 victims across more than 20 countries, including Germany, Poland, France, the UK, Canada and Israel.
• Withdrawals were blocked, then victims were asked to approve a small "test" transaction that handed over their wallets.

Ukraine's National Police and Security Service have shut down a network of fake investment platforms that drained crypto wallets belonging to people in more than 20 countries, the agencies said on Tuesday.

Investigators have identified 62 victims so far, among them citizens of Germany, Poland, Lithuania, Latvia, Spain, France, the UK, Canada and Israel. The organizer recruited more than 46 Ukrainians and ran several offices in Kyiv and the surrounding region. Developers built the fake platforms and kept them online against blocking attempts, while others staffed the offices, worked the phones and handled security.

The Security Service described the organizer as a 25-year-old IT specialist and put the operation's turnover at up to $1 million a month at its peak. Its account reported that the pitch began on Telegram, where the group advertised supposedly profitable crypto projects.