Ukrainian scam: Fake police officers demand $250K in stablecoin

Ukrainian fraudsters posing as police officers have extorted $250,000 in USDT from a businessman through a scam involving fabricated criminal charges.

Criminals impersonating police officers extorted $250,000 in stablecoin from a Ukrainian in a scam that involved threats of fabricated criminal charges.

According to a Sept. 2 press release from the National Police of Ukraine, in May, a 20-year-old online business owner reported to authorities that he was coerced by men pretending to be police officers. The impostors intimidated him with false accusations of collaborating with Russia and threatened him with lengthy imprisonment on fabricated charges of state treason.

The extortionists offered to “resolve” the fake case for $250,000, leading the victim to transfer 250,000 Tether (USDT) to their crypto wallet. Following the extortion, the perpetrators quickly converted the stolen funds through an exchange service.

“Officers from the internal security unit and cyberpolice experts identified the extortionists, who turned out to have no connection to law enforcement agencies.”

National Police of Ukraine

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Coordinated raids in Kyiv uncover fraud ring

A coordinated investigation by the Kyiv National Police and the Kyiv City Prosecutor’s Office identified four suspects residing in Kyiv and the surrounding region. Law enforcement executed simultaneous raids across Kyiv and other regions, targeting the suspects’ homes, vehicles, and other assets.

Items seized during the raids included bank cards, computers, mobile phones, luxury vehicles, counterfeit press credentials, ammunition, and nearly $8,600 in cash. The suspects now face charges that could result in up to 12 years in prison and the confiscation of their property.

The crackdown follows a mid-August case where the Economic Security Bureau of Ukraine charged a well-known Ukrainian blogger with evading over $5 million in taxes through a complex scheme involving cryptocurrency transactions.

The blogger, famous for his activities in web traffic arbitration and affiliate marketing, allegedly used a sophisticated operation to conceal substantial income from various online sectors, including gambling, dating, betting, and health products.

Read more: The dual edges of cryptocurrency in the Ukraine-Russia war | Opinion

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