27 August 2025
(PHOTO: National Police of Ukraine)
In Odesa, a fraudster set up a fake crypto business and seized more than UAH 42 million from investors he knew. The investigation is now complete, and the offender faces up to 12 years in prison with confiscation of property.
This was reported by the press service of the National Police of Ukraine.
In Odesa, a pre-trial investigation has been completed against a 32-year-old local resident who fraudulently misappropriated more than UAH 42 million. The man posed as a trader and convinced his friends to invest in an unrealistic cryptocurrency fund, creating the illusion of a successful business and returning small profits to gain trust. Now he faces up to 12 years in prison with confiscation of property.
Law enforcement officers found that the offender, along with an accomplice, demonstrated fake activity on the crypto market. In fact, there was no cryptocurrency trading, and all funds were spent on personal needs.
To gain the trust of potential investors, the men posed as experienced traders working on international exchanges and demonstrated allegedly successful trading results. They rented an office in Odesa, creating the appearance of a legitimate business, and invited potential investors there.
During 2023-2024, the suspects recruited several acquaintances to join their "fund" and received more than USD 1.2 million, which they transferred to controlled bank accounts and crypto wallets.
Among the deceived were several Odesa residents who invested tens to hundreds of thousands of dollars in the scheme, counting on the promised large profits.
On June 12, 2025, the suspect was served a notice of suspicion under Part 5 of Art. 190 of the Criminal Code of Ukraine - fraud on a large scale or under martial law. The court imposed on him a pre-trial restraint in the form of detention in the Odesa pre-trial detention center. The case file has now been sent to court.
Анна Бальчінос