Ukraine Targets Fake Crypto Investment Platform Network in Kyiv
Ukraine’s police and SBU announced the dismantling of a network of fake investment platforms. The scheme allegedly used a drainer to move assets from victims’ connected crypto wallets in more than 20 countries.
Crypto scams in Kyiv have become the focus of an operation by Ukraine’s National Police and the Security Service of Ukraine (SBU). On September 1, the authorities announced that they had stopped a network of fake investment platforms that allegedly targeted people in more than 20 countries and drained assets from their cryptocurrency wallets.
Police have so far identified 62 victims. They include citizens of Germany, Poland, Lithuania, Latvia, Spain, France, the United Kingdom, Canada and Israel. Investigators are still identifying other possible victims, suspects and the total amount of damage.
How the Crypto Scams in Kyiv Worked
According to Ukrainian authorities, the group approached victims with fake investment offers. The platforms allegedly imitated returns to persuade users to continue interacting with them. The scheme then allegedly used code known as a “drainer,” which, after a wallet was connected and a transaction or authorization was approved, can move assets from the victim’s wallet.
Such a mechanism does not necessarily mean sending one specific transaction. When using decentralized applications, approval can give a smart contract or application permission to handle a certain type of token in a wallet. The case therefore highlights the risk of users approving requests on a website presented as an investment service without verifying its credibility and the scope of the permissions requested.
Dozens of Searches and Seized Equipment
Police conducted 34 searches in Kyiv and the Kyiv region. They seized more than 100 computers, more than 100 mobile phones, 79 SIM cards, a GSM gateway, cash and 15 cars. Public announcements do not state whether the seized items included cryptocurrencies or access credentials to specific wallets.
The SBU said the group’s monthly turnover during peak periods reached as much as $1 million. However, this figure is a claim by Ukrainian authorities about the network’s turnover, not a confirmed total loss or the amount the group stole each month. The figure has not been independently verified.
It is also not yet confirmed how much cryptocurrency was actually stolen or whether the seized assets will be sufficient to compensate the victims. In their announcements, neither the police nor the SBU reported charges against specifically named individuals or any final convictions.
Investigation Continues
The case is being investigated under the provision concerning large-scale fraud. Further information may clarify the number of people involved, the scope of the network and the number of victims beyond the 62 identified so far.
It will also be important whether the authorities announce arrests or specific charges, calculate the total damage and publish information about the identified cryptocurrency wallets. The possibility of seizing and potentially returning the stolen assets to victims also remains an open question.
Sources
- National Police of Ukraine – Primary confirmation of the operation, the 62 identified victims, how the scheme worked, the 34 searches and the scope of the items seized.
- Security Service of Ukraine – Confirms the SBU’s involvement, describes the drainer, reports turnover of up to $1 million per month during peak periods and confirms that the investigation is ongoing.
- Decrypt – Independent coverage of the Ukrainian police and SBU announcements and context on the scope of the operation.
Verified and updated: 09/06/2026 20:31
