Ukraine Police Bust Crypto Scam Stealing Up to $1 Million a Month

TLDR

• Ukrainian police shut down a network of fake crypto investment platforms targeting users in over 20 countries
• The scam used hidden “drainer” code to steal funds once users connected their wallets
• The operation pulled in up to $1 million a month and had at least 62 confirmed victims
• A 25-year-old IT specialist led the scheme, recruiting over 46 Ukrainians across multiple Kyiv offices
• Police seized 100+ computers, 100+ phones, cash, and 15 vehicles during 34 searches

Ukrainian authorities have taken down a network of fake cryptocurrency investment platforms that allegedly stole digital assets from victims across more than 20 countries. The operation is estimated to have generated up to $1 million a month.

LATEST: 🚨 Ukrainian police busted a Kyiv-based crypto drainer ring accused of stealing up to $1M a month by tricking victims into signing malicious wallet-draining transactions. pic.twitter.com/EpgLJH40fd

- CoinMarketCap (@CoinMarketCap) September 4, 2026

How the Scam Worked

The platforms showed users fake account balances that appeared to grow over time. Operators manually adjusted these balances to make victims believe their investments were performing well.

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