Ukraine police bust crypto scam ring tied to up to $1M in monthly losses

Ukraine’s Security Service uncovered an operation in the Kyiv region that ran a fake cryptocurrency investment platform and stole crypto wallets from users in more than 20 countries, Decrypt reported. Authorities have identified 62 victims so far, with monthly losses reaching as much as $1 million. The scheme manipulated trading records to make balances appear to keep rising after users deposited funds on the fraudulent platform. When users tried to withdraw money, the operators allegedly prompted them to connect their main wallets and then carried out the theft using hacking software.