Odessa “Crypto Guru”: minus $1M from friends

🚨 In Odessa, a fake trader was exposed: he scammed friends out of over 42 million UAH through “crypto investments.”

A 32-year-old man was arrested for large-scale fraud. According to the police, he posed as a successful crypto trader, created a fake “investment fund,” and attracted money from friends and their acquaintances. Total losses exceeded 42 million UAH (around $1M).

How the scheme worked

The suspect, along with an accomplice, rented an office downtown, held “business meetings,” and presented himself as a professional trader. To appear credible, he showed charts, reports, and even partially returned small amounts — supposedly as profits.

In reality, there was no crypto trading: all funds were transferred to the scammers’ personal accounts and wallets and spent on their own needs.

“He created the illusion of a legitimate business, manipulated trust, and effectively wiped out the savings of dozens of people,” police said.

Consequences for the fraudster

Authorities collected evidence and completed the pre-trial investigation. The man was charged under Part 5 of Article 190 of the Criminal Code of Ukraine (fraud committed by prior conspiracy of a group, in especially large amounts, repeatedly, under martial law).

Maximum punishment — up to 12 years in prison with confiscation of property. The case has been sent to court.

Crypto fraud in Ukraine: a growing trend

This case is not isolated. In the past month alone, law enforcement uncovered several large schemes:

• in Kyiv, a call center that scammed foreigners under the guise of digital asset investments was shut down;
• in July, an international fraud was revealed, affecting citizens of the Czech Republic, Poland, and other EU countries.

🔥 Experts note that as interest in cryptocurrencies grows, so does the number of fraudulent schemes. These stories emphasize the need for investors to exercise caution and thoroughly verify any company or “fund” before trusting them with money.