Ukrainian Police Apprehend Four in Connection to Cryptocurrency Exchange Fraud

Four people have been arrested by the Ukrainian police in an alleged cryptocurrency exchange fraud.

According to the authorities, the suspects created exchanges using a custom CMS (content management uptem), and fascinated users through review websites, which they had filled with false positive ratings.

The websites the suspects installed are:

#1. info

#2. online

#3. net

#4. lv

#5. net

#6. biz

Presently, all of the websites are offline, with some domain redirecting to unconnected websites.

Usually, they create apparently legal websites that enable cryptocurrency exchange. They obtained money into eWallets registered under false identities which they steal money off users. This is honestly basic, though the false ratings the suspects received for their websites could have aided them to have adhesion.

It is still uncertain about the number of websites the suspects created, but according to police officials, they expect additional websites to be discovered. The police are encouraging users to declare if they were deceived, in order to help with the investigations. The amount of money stolen by the suspects is still unknown.

Various police departments jointly made efforts towards arresting the suspects, three of whom aged 20 to 26 are being charged with six counts of fraud.

The police went through the residence of the suspects and have taken several credit and debit cards, hard drives, phones, flash drives and other computer equipment.

Ukraine has been known as the wild eat of cryptocurrencies and has rarely made headlines, with regards to discussions of cryptocurrency regulations. From the look of things, cryptocurrencies in Ukraine are a grey zone, neither legal nor illegal. In October 2017, a draft proposal to control cryptocurrencies was proposed, even though nothing has been approved so far.


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