Ukrainian police dismantle crypto scam that reportedly stole up to $1 million monthly

Ukrainian law enforcement has shut down a cryptocurrency fraud scheme that authorities estimate may have taken as much as $1 million per month from victims.

Scope of the fraud

Investigators identified 62 individuals who fell prey to the scam. The victims reported losses that, when aggregated, could approach a monthly total of one million dollars.

Perpetrators

Authorities say the operation was carried out by a group of more than 46 Ukrainians. The participants were allegedly coordinated to execute the fraudulent activities.

Law enforcement response

The police action resulted in the dismantling of the network, though details of arrests or further legal proceedings were not disclosed.