Ukrainian authorities have uncovered a major cryptocurrency scam involving four individuals who impersonated law enforcement officials. The suspects allegedly extorted $250,000 in Tether (USDT) from a young entrepreneur in May 2024.
The scammers targeted a 20-year-old online business owner, falsely accusing him of collaborating with Russia and threatening treason charges. Fearing prosecution, the victim transferred the demanded sum to the criminals’ crypto wallet.
Cyber police swiftly traced the funds, leading to arrests across multiple Ukrainian regions. During raids, authorities seized fake IDs, ammunition, luxury vehicles, and cash.
If convicted, the suspects could face up to 12 years in prison. This case underscores the evolving nature of crypto-related crimes and the need for increased awareness in the digital asset community.
Investigators are now exploring whether the group was involved in similar schemes, highlighting the ongoing challenges in combating cryptocurrency fraud.
