On June 10, 2025, the cyberpolice of the Sumy region uncovered a large-scale fraud scheme related to a fake cryptocurrency exchange. A 23-year-old resident of Kyiv region administered a website that imitated real cryptocurrency trading, but in fact, users' funds were misappropriated.
Case details
• Fraud scheme: The criminal created a website that looked like a legitimate crypto exchange. Users saw fictitious balances and transactions, but no real transactions occurred. Victims' money was transferred to wallets controlled by the fraudster.
• Victim from Sumy: A local resident tried to purchase bitcoins worth $60,000 but received only 'numbers on the screen.' The fraudster attempted to execute another deal for $100,000 but was detained by the cyberpolice before it was completed.
• Detention and seizure: During the searches, cash, a mobile phone, and a Lexus car were confiscated from the criminal. The police also seized computer equipment used to administer the site.
Legal consequences
• Charges: The criminal is charged with fraud on an especially large scale under Part 4 of Article 190 of the Criminal Code of Ukraine. The maximum punishment is up to 7 years of imprisonment with confiscation of property.
• Investigation: Cyberpolice is checking for other victims and the total amount of losses. Possible involvement of other individuals in the scheme is being established.
Context and significance
• Spread of crypto fraud: Ukraine remains in the top 10 countries by the number of cryptocurrency users, making it attractive to scammers. In 2018, the cyberpolice already shut down six fake crypto exchanges in Dnipro, detaining four individuals who managed sites like moneycraft.info and swapex.net. In 2024, the police dismantled an international fraud network with 14 individuals that deceived citizens of Ukraine, Moldova, Kazakhstan, and the EU through fake investment schemes.
• Risks for users: Fake exchanges often use forged documents, positive reviews, and manipulative design to gain trust. Victims lose money due to a lack of proper verification of platforms.
My thoughts
This case is another reminder of the risks in the crypto sphere. Fake exchanges thrive due to low financial literacy and trust in 'quick profits.' It is positive that the cyberpolice reacted promptly, but the number of similar schemes is increasing. For example, in 2023, call centers that deceived Ukrainians in Canada through crypto investments were shut down in Khmelnytskyi.
For traders, this is a signal: check exchanges (licenses, reputation, TVL) and use cold wallets. The detention of the fraudster will not affect the prices of $BTC ($105,428), $ETH ($2,631), or $SOL ($182), but it may increase trust in regulatory efforts in Ukraine.
Conclusion
The detention of the fraudster in Sumy is a success for the cyberpolice, but the problem of fake crypto exchanges remains relevant. Investors should be cautious: check platforms, avoid FOMO, and keep assets safe. The market will not react to this news, but macro data and regulatory changes (GENIUS Act, SEC statements) will determine the trend. Stay vigilant and trade wisely! 😎 #CryptoFraud #CyberPolice #Bitcoin