Scammers Posing As Ukrainian Police Swindle Businessman Out Of $250,000 In Cryptocurrency

A group of scammers impersonating Ukrainian police officers have defrauded an online businessman of in USDT, using a fake accusation of serious crimes to coerce the payment.

The fraud began in May 2024 when the fake officers contacted the businessman, accusing him of treason and collaboration with Russia. Under threat of long-term imprisonment, the businessman was convinced to transfer in USDT to stop the harassment and drop the fabricated charges.

After receiving the funds, the scammers quickly laundered the money through an unnamed exchange.

After realizing he had been scammed, the businessman contacted the real Ukrainian police, who launched an investigation. The authorities traced the stolen cryptocurrency to four suspects and identified their real-time locations. During the subsequent raid, police seized bank cards, computers, mobile phones, luxury cars, fake press credentials, ammunition, and nearly in cash.

The arrested suspects are now facing criminal charges and could face up to 12 years in prison if convicted. Additionally, they are likely to lose all their property. The police are awaiting a court decision on the custody status of the suspects and are investigating their connection to other crimes.

New Trend in Crypto Scams

This case represents a new tactic in the growing list of crypto scams, where criminals impersonate law enforcement to extort money. Other common types of crypto scams include “Pig Butchering,” phishing, rug pulls, and exit scams.

In “Pig Butchering,” scammers build a long-term relationship with the victim, often taking a romantic turn, before luring them into a fraudulent investment scheme. Phishing scams involve using cloned websites or emails to steal sensitive information like passwords. Rug pulls typically involve developers of crypto projects who disappear with investors’ funds once enough money has been raised.

The crypto industry lost nearly million to scams in August 2024 alone, with phishing attacks accounting for the majority of these losses. As scammers continue to evolve their tactics, it’s crucial for individuals to remain vigilant and cautious in their online dealings.