Ukraine's National Police have uncovered a fake crypto exchange with a call center in Kyiv.
Date: 2025-11-24 Author: Henry Casey Categories: IN WORLD
Ukraine's National Police have uncovered a criminal group that created fake trading platforms and misappropriated funds from EU citizens under the guise of investing in cryptocurrencies, stocks, and the stock market. The investigation found that more than 30 foreign citizens were among the victims, five of whom lost approximately 8.2 million hryvnias.
The criminals created fake online platforms, displaying fictitious trading results and promising large profits to attract new participants. Their main hub was a 20-person call center in Kyiv, where employees called potential clients and persuaded them to transfer their money into cryptocurrencies and securities.
VIP client managers remotely installed specialized software on investors' computers, allowing the attackers to control their devices and display fictitious income. All proceeds were transferred to crypto wallets and then cashed out through Kyiv exchange offices.
During the special operation, law enforcement conducted 21 searches at the call center office, apartments, and cars of the group's members. As a result, over $1.4 million, over UAH 5.8 million, and €17,000 in cash, as well as computer equipment, storage media, and documents, were seized. Criminal proceedings have been initiated under Part 5 of Article 190 of the Criminal Code of Ukraine. Three defendants have been notified of suspicion and face up to 12 years in prison.
This case is the latest in a series of exposures of cryptocurrency fraud in Ukraine. In May 2023, a network of nine unlicensed exchanges engaged in money laundering was dismantled in conjunction with the FBI. In March 2024, police arrested a group illegally transporting men abroad in exchange for payment in cryptocurrencies. In June 2024, the Kyiv Prosecutor's Office identified scammers posing as cryptocurrency developers to defraud EU citizens. In October 2025, a scheme involving a fake cryptocurrency promoted through Telegram was discovered in the Khmelnytskyi region, targeting investors from Europe and the Middle East. A resident of Ternopil later lost over $28,000 to a fake platform.
This incident confirms that fraud in the cryptosphere remains a serious threat, and that vigilance and due diligence before investing are key measures to protect funds.
