Ukraine busts Kyiv-based cryptocurrency fraud ring, involved platform's monthly turnover reaches up to $1 million

According to Decrypt, the Ukrainian National Police and Security Service recently shut down a network of fake cryptocurrency investment platforms based in Kyiv. The group distributed fraudulent investment ads on Telegram, guiding users to connect their wallets and deposit funds, while silently falsifying trading returns in the background. When victims requested withdrawals, the platform claimed verification was required, instructing them to connect their main wallet and approve a small "test transaction," which triggered a built-in crypto drainer to transfer the assets to wallets controlled by the syndicate.