Police Expose Pseudo-Crypto Academy: Scammers Cheated Nearly a Thousand Ukrainians Out of $1.1 Million
Ukrainian police have exposed a fraudulent organization that posed as a "Ukrainian Financial Academy" offering cryptocurrency investment courses, defrauding nearly a thousand citizens of over $1.1 million. The scam, advertised on Facebook and Instagram, targeted vulnerable individuals, including pensioners and people with severe illnesses, who lost savings intended for medical treatment or housing. After victims expressed interest, fraudsters gained their trust, convinced them to transfer money to controlled accounts, and displayed fake profits on a bogus platform. Some were allowed small withdrawals to encourage larger investments. When victims tried to recover funds, their accounts were blocked, and they were pressured for additional payments under false pretenses. In one case, a cancer patient lost approximately 500,000 hryvnias meant for treatment. Organizers also coerced victims into taking loans or recruiting others. Police conducted searches in Kharkiv and Dnipropetrovsk regions, detaining four key suspects. They face charges of large-scale fraud as part of a criminal organization, with possible sentences of up to 12 years in prison and asset confiscation.
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