Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingUkraine authorities destroy Kiev cryptographic fraud network
Ukraine authorities recently announced that they have successfully destroyed a Kiev-based cryptocurrency fraud network. The gang is accused of stealing user wallet assets in more than 20 countries and transferring up to $1 million a month during peak periods.
Key Points of the Case
- Police have identified 62 victims and pointed out that the mastermind recruited more than 46 Ukraine members.
- Fraud gangs use fake investment websites to trigger hidden malicious code to steal funds after the victim approves a microtest transaction.
- Investigators found evidence containing wallet addresses, stolen amounts and personal data in a server database hosted in the Netherlands.
Details of the Kiev crypto-criminal gang
The National Police and Security Service of Ukraine said it had shut down several fake investment platforms operating in Kiev and surrounding areas. According to investigators, the gang's organizers recruited more than 46 Ukraine members, and police have so far identified 62 victims from countries including Germany, Poland, France, the United Kingdom, Canada and Israel.
The security service described the organizer as a 25-year-old IT expert from Kiev. At the peak of business, the fraud network's monthly turnover was as high as US$1 million. The gang promoted so-called high-return cryptocurrency projects through the Telegram channel and then directed users to websites disguised as legitimate investment services.
When a user connects to a digital wallet and deposits funds, the operator manually displays fictitious trading profits in the customer's account. They would then prevent the victim from withdrawing cash and ask the victim to connect to the main wallet to approve a small "test" transaction.
RUSI Warning: Drainer Code Risk
Police pointed out that the above transaction triggered a hidden "Drainer" malicious code that allows criminal groups to access victims 'wallets and transfer assets to addresses under their control. In addition, the registration and verification process illegally collected sensitive information such as passport data, phone numbers, email addresses, passwords, login names and personal photos.
Investigators located a server in the Netherlands where the gang's database was stored, which included victim lists, wallet addresses, stolen amounts and internal communication records. Authorities conducted 34 search operations in Kiev and surrounding areas, seizing more than 100 computers, more than 100 mobile phones, 79 SIM cards, cash and 15 cars.
Regulatory loopholes and macro impacts
The Royal United Services Institute (RUSI) warned that regulatory gaps in the field of virtual assets could lead to money laundering, tax evasion and other illegal financial flows in Ukraine. A 2025 report by a dedicated RUSI working group quoted expert estimates that stronger regulation could help Ukraine recover up to US$10 billion in funds, highlighting the broader financial benefits behind cryptocurrency enforcement.
This comes after Ukraine took an independent measure in June: transferring more than US$8.3 million in Tether (USDT) confiscated from a suspected hacking gang to state-controlled wallets. This is the first time that the country has publicly reported that confiscated cryptocurrency will be placed under state management.
