Ukraine Shuts Down Crypto Drainer Ring, $1M Monthly Operation

Ukraine's National Police and Security Service have dismantled a network of fraudulent investment platforms that siphoned crypto from wallets in over 20 countries. Investigators have identified 62 victims, including individuals from Germany, Poland, Lithuania, Latvia, Spain, France, the UK, Canada, and Israel. The operation, led by a 25-year-old IT specialist, recruited over 46 Ukrainians and operated multiple offices in Kyiv and nearby areas. The fake platforms were designed to evade blocking attempts, while staff managed communications and security. The operation reportedly generated up to 1 million dollars monthly. Victims were lured through Telegram with promises of profitable crypto projects, leading them to connect their wallets and send funds. Withdrawal requests were blocked, and victims were tricked into approving test transactions that allowed the group to drain their assets. Investigators traced server equipment in the Netherlands containing a database of victims, wallet addresses, and stolen sums. A total of 34 searches were conducted in Kyiv, resulting in the seizure of over 100 computers, phones, SIM cards, cash, and 15 vehicles. The case is being prosecuted under Part 5 of Article 190 of Ukraine's criminal code, with ongoing efforts to identify all involved parties and additional victims. In June, Ukraine transferred over 8.3 million dollars in seized USDT to a state wallet, marking the first instance of confiscated crypto under state management.

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