Cyber police and investigators of the National Police reported suspicions to the organizer of the Money 24/7 network, which, according to the investigation, was taking possession of clients' money under the guise of legal currency and crypto-asset exchange. One of the victims suffered losses of almost UAH 1.6 million.
Cyber police and investigators of the National Police reported suspicions to the organizer of the Money 24/7 network, which, according to the investigation, was taking possession of clients' money under the guise of legal currency and crypto-asset exchange. One of the victims suffered losses of almost UAH 1.6 million.
According to law enforcement, the scheme operated through specially created web resources, a Telegram channel, a registered trademark, and an offline office set up as an exchange point.
Clients would submit a request to exchange cash for cryptocurrency, then come to the office and transfer the money. It was expected that the crypto assets would then be transferred to their electronic wallets. However, according to the investigation, after receiving the funds, the organizers did not fulfill their obligations.
To prevent victims from immediately contacting the police, individual clients could be partially transferred cryptocurrency or given written guarantees that the transaction would be completed.
To create the appearance of a legal crypto business, the attackers used not only the website and Telegram, but also the physical infrastructure and trademark.
In July, law enforcement officers conducted more than 20 searches in seven regions of Ukraine. During the operations, they seized more than UAH 20 million in cash in various currencies, as well as computers, phones, data carriers, documents, and other materials that may have evidentiary value.
The organizer was informed of suspicion of organizing the appropriation of someone else’s property through fraud on a particularly large scale, committed by a group of persons in a prior conspiracy. The court chose for him a preventive measure in the form of detention with the alternative of bail of 998,400 UAH.
The pre-trial investigation is ongoing. Law enforcement officers are identifying other participants in the scheme and the number of victims.
