thecoinrise.com
Ukraine police recently captured a criminal gang that was involved in crypto fraud. According to a press release, the Ukrainian Security Service collaborated with the United States to take down the criminal organization.
The racket reportedly laundered millions of dollars and provided services to its customers on the Darknet network.
Criminals faked identity to engage in crypto fraud
The group achieved this by creating false online personalities. The money was traced by the Security Service of Ukraine’s Cyber security Department (SBU), which discovered that it was transferred via a variety of financial institutions.
The businesses that hire them are typically hackers who engage in cyber fraud, targeting bank systems from across the world. This cyber criminal organization was also selling computer viruses on flash drives. The viruses were developed to break into digital wallets and steal cryptocurrency.
The authorities discovered illegal software, computers, money, and paperwork in a search in the Southern Ukrainian city of Mykolaiv.
Following the raid, Ukraine’s Security Service (SBU) announced that evidence and materials have been collected and are now being evaluated in order to pursue all implicated people, including foreign clients of Ukrainian criminals. The authorities, however, did not reveal the number of persons detained or involved in criminal activities.
Ukraine actively combating financial fraud
Ukraine has established itself as a crypto leader. It is working to make crypto currency legal in the country and encourages crypto adoption. This has opened the door for an increase in crypto-related crime.
In August, the SBU shut down a number of on-line cryptocurrency exchanges, alleging that they were laundering money and sending it into Russia.
The Ukrainian Security Service recently went after three other cryptocurrency exchanges in the country’s capital, Kyiv. They were also accused of involvement in crypto fraud, according to authorities.
Earlier this month, South Korean police announced their involvement in a multinational operation with Interpol and the FBI. The goal of the joint operation is to disrupt another Ukraine-based criminal network. The network is under investigation for using malware to oppress Korean universities and companies in order to collect Bitcoin