Four Arrested in Ukraine for Running Six Fake Cryptocurrency Exchanges


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According to reports, four Ukrainians were arrested by the Ukrainian police for allegedly carrying out six fake cryptocurrency exchanges that were used to defraud potential users of their funds.

The Ukrainian police made the arrests on June 21. The suspects, aged 20 to 26, have been trapping people and deceiving them into buying cryptocurrencies from online digital currency exchange companies that displayed fake ratings and reviews on their websites.

The police reportedly said that the suspects had “special knowledge and skills in the field of programming” and that “they have created their own CMS-system for managing the content of exchange sites.”
None of the group’s cryptocurrency exchanges remained for long, and authorities revealed that they only managed to identify six exchanges.

During the raid of the suspects’ homes, the police reportedly seized computers, flash drives, smartphones, and other devices. According to a spokesperson for the Ukrainian National Police, “the list of sites is not complete.” Now authorities are asking users to provide information about whether they were deceived by fraudulent exchanges before.

Police officers are currently investigating the confiscated equipment to determine the size of the damages suffered by the users.


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