Ukraine’s National Police Exposes Crypto Cybercrime Group Targeting Europeans

The National Police of Ukraine (NPU) successfully took down a network of “call centers” on Tuesday that targeted Ukrainian and European Union citizens who had been victims of crypto scams. 

The fraudulent call center allegedly offered to help those affected by crypto scams as well as recommending investment packages in crypto, gold, oil, and other securities, according to the NPU official announcement

Ukraine’s national police stated that this group spoofed countries’ national banks and used websites and exchanges to lure in European customers and get their confidential data. 

According to the NPU’s report, victims were told to pay a commission in order to reclaim any lost funds. Once they paid the fee, however, “communication with the ‘brokers’ was interrupted and payments were not made,” said authorities.

The cybercrime group’s computers, phones, and data storage systems were seized and taken, while the call center’s members are being charged with “fraud committed on a particularly large scale or by an organized group.” 

The NPU also said the group is being charged with using harmful software, adding up to 12 years in prison.

Back in September 2021, the Security Service of Ukraine (SSU) took down a similar call center based out of Lviv, where thousands of European investors were scammed “under the guise of investing in cryptocurrency,” the SSU report stated.

Ukraine and Crypto

This is not the country’s first encounter with cryptocurrencies.

On March 16, President Volodymyr Zelenskyy signed the “On Virtual Assets” into law, legalizing the use of cryptocurrencies, ratifying how to register exchanges and virtual asset service providers, and implementing state financial monitoring. 

Due to this law, Ukraine can legitimize and regulate any donated cryptocurrencies. 

Already, over $54 million of crypto donated to the country has been used to fund its military since February 26.