Ukraine Uncovers Alleged Conversion Center That Routed 23.5 Billion Hryvnias Into Crypto

Investigators say the network moved hundreds of millions of hryvnias every month, while dozens of searches revealed the scale of the suspected operation.

The Prosecutor General’s Office and the Economic Security Bureau of Ukraine announced that they had uncovered an organization that, according to investigators, funneled funds through a so-called conversion center and converted them into cryptocurrency.

As reported by Office of the Prosecutor General.

According to the investigation, the scheme’s monthly turnover amounted to approximately UAH 500 million. The total amount of funds processed by the organization reached UAH 23.5 billion.

Law enforcement officers have preliminarily established that the scheme may have caused the state to lose approximately UAH 3 billion in tax revenue.

Searches and Charges Against Scheme Participants

As part of the criminal proceedings, law enforcement officers conducted 50 searches. Significant amounts of cash were seized during the investigative actions.

The organization’s participants were formally notified that they were suspects. Law enforcement officers plan to release additional details of the investigation the following day.

At the same time, the suspects’ guilt must be determined by a court.