Ukrainian law enforcement agencies are currently engaged in a manhunt for victims of a massive cryptocurrency scam. Perpetrators, operating under the façade of the S-Group investment fund, deceived individuals into investing substantial sums of money in the digital assets market.
The criminals offered fictitious tokens to victims, which were not listed on any international cryptocurrency exchanges. They promised high passive income to users who entrusted their funds. All funds obtained from the deceived individuals were transferred to the scammers' cryptocurrency wallets.
The Ukrainian National Police estimate that thousands of people have fallen victim to this large-scale cryptocurrency scam. The criminal activity spanned across Ukraine, the temporarily occupied Crimea, Russia, and European Union countries.
In addition to income from investing in fictitious tokens, the fraudsters also promised significant bonuses for recruiting new participants, facilitating the rapid spread of their fraudulent scheme.
Investigators have identified the organizers of the cryptocurrency scam as Ukrainian citizens. They are actively working to uncover all the details surrounding the crime and urge those who have been defrauded by the scammers to contact law enforcement authorities.
As a reminder, we previously reported that German and Ukrainian police had shut down the darknet marketplace Kingdom Market.