An international crypto fraud scheme has been uncovered in Odesa.
Date: 2025-10-06 Author: Gabriel Deangelo Categories: IN WORLD
Odesa Oblast police, together with the Ukrainian Cybercrime Department, have uncovered an international fraud ring posing as a crypto investment business. The organizers offered investments through fake online platforms and sent the money to crypto wallets controlled by them. According to investigators, more than 1,500 people, including foreign citizens, were affected.
The center of the scheme was a 28-year-old Odesa resident, who recruited a team of accomplices. These included an IT specialist who created websites for fictitious companies, as well as call centers whose employees convinced people to transfer funds. To conceal their criminal activity, the scammers regularly changed the company names and presented investors with fake personal accounts featuring fictitious dividends.
In reality, the money was sent directly to the organizers' wallets. Between 2024 and 2025, more than 24 million hryvnias passed through one of the addresses. Police noted that the access keys were not linked to known exchanges, significantly complicating transaction tracking.
The international scale of the crime led to the creation of a joint investigative team from Ukraine and Kazakhstan. During searches involving special forces, evidence of the network's activities was seized. Currently, damages totaling $92,000 have been documented from seven investors from Ukraine, Kazakhstan, Armenia, Kyrgyzstan, and other countries.
Eight members of the group have been detained, and another is wanted. All are charged with fraud committed by prior conspiracy under martial law and on an especially large scale. Under Part 5 of Article 190 of the Criminal Code of Ukraine, they face up to 12 years in prison with confiscation of property.
The investigation highlighted the importance of careful consideration when investing online and the need to verify the reputation of platforms and companies. This case is yet another reminder of the scale of cyber fraud and how international networks of criminals can affect hundreds and thousands of people worldwide.
Investigative authorities are continuing to identify all participants in the scheme and seek additional evidence to bring those responsible to justice and recover lost funds.
