The National Police of Ukraine (NPU) has successfully taken down a network of call centers that targeted Ukrainian and European Union citizens who had been the target of cryptocurrency scams.
Investigators of the Main Investigative Department of the NPU together with the Ukrainian Security Service (SBU), successfully took down a criminal scheme misappropriating the funds of Ukrainian and European citizens under the guise of exchange trading in cryptos, gold, oil, and securities. The fraudulent call center allegedly offered to assist those affected by crypto scams as well as recommend investment opportunities. The NPU added that the group spoofed countries’ national banks and used websites and exchanges to lure in European customers to get their confidential data. After cold calling victims, the scammers would pretend to be staff at these banks in order to trick them into handing over their card details. According to the NPU’s report, victims were asked to pay a commission to reclaim lost funds. The authorities added that once victims paid the fee, “communication with the ‘brokers’ was interrupted, and payments were not made.”
The group’s computers, mobile phones, and data storage systems were seized, while employees of the center’s members are being charged with “fraud committed on a particularly large scale or by an organized group.”
Cryptocurrencies have been extremely useful in Ukraine following the invasion by Russia. In March, President Volodymyr Zelenskyy signed the “On Virtual Assets” into law, legalizing cryptocurrencies, ratifying how to register exchanges and viral asset providers, and implementing state financial monitoring. After the law came into effect, the country can legitimize and regulate any donated cryptocurrencies. Over $54 million has been donated to the country to fund its military operations.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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