Fake Ukrainian cops extort $250,000 in Tether from online entrepreneur

In a brazen scam, Ukrainian criminals posing as police officers have extorted $250,000 in Tether (USDT) from a businessman by fabricating criminal charges.

According to a press release from the National Police of Ukraine dated September 2, the scam unfolded in May when a 20-year-old online entrepreneur reported being targeted by individuals pretending to be law enforcement.

The fraudsters fabricated charges of collaborating with Russia and threatened the victim with long-term imprisonment on false state treason allegations.

To “resolve” the non-existent case, the scammers instructed him to transfer the funds in USDT to a cryptocurrency wallet they controlled. Once the transfer was completed, the criminals quickly laundered the stolen assets through an exchange service.

Internal security and cyber police operatives from the National Police of Ukraine were able to trace the movement of the stolen cryptocurrency and gather digital evidence of the crime.

Following a coordinated investigation, law enforcement identified four suspects residing in Kyiv and its surrounding regions.

A series of simultaneous raids was conducted, targeting their homes, vehicles, and other assets.

During these raids, police seized bank cards, computers, mobile phones, luxury cars, counterfeit press credentials, ammunition, and nearly $7,000 in cash.

Suspects might face 12 years in prison

The suspects have been charged under Part 4 of Article 189 of the Criminal Code of Ukraine, which carries a maximum penalty of 12 years in prison along with property confiscation.

They have also been served a notice of suspicion and are currently awaiting a court decision on custody. Authorities are investigating their involvement in other similar crimes and potential accomplices.

This case follows a recent high-profile investigation where a Ukrainian blogger was charged with evading over $5 million in taxes through a complex cryptocurrency scheme.

The blogger’s case, which involved significant online sectors including gambling and betting, underscores the pervasive nature of financial crime in the region.

As Ukrainian authorities continue to crack down on fraud, this latest scam serves as a stark reminder of the risks associated with financial transactions and the importance of safeguarding against such sophisticated schemes.

The ongoing efforts by the National Police and cybercrime units are crucial in addressing these threats and protecting individuals from financial exploitation.

The increasing prevalence of cryptocurrency-related fraud highlights the need for enhanced vigilance and robust security measures to prevent such scams. This case illustrates the broader challenges faced by Ukrainian law enforcement in tackling the evolving landscape of financial crime.

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