Six fake crypto exchanges discovered by Ukrainian authorities

17 Jun, 2018
by Richard Allen
Six fake crypto exchanges discovered by Ukrainian authorities

The cybercrime unit of the Ukrainian police has uncovered a network of fraudulent cryptocurrency exchange websites. Four people have been arrested for offering the fake exchange service.

According to News.Bitcoin.Com, Ukraine’s Cyberpolice have uncovered an organised group of scammers who created a network of at least six platforms offering cryptocurrency conversions. According to a press release issued by the National Police, a number of sites have been used to defraud users who wanted to exchange their currencies.

“The criminal group consisted of four people […] possessing specialized knowledge and skills in programming,” the NPU’s press service said. The platforms imitated the activities of legitimate exchanges, supporting multicurrency conversion, and even displayed fictitious positive reviews.

The victims were invited to transfer their money to digital wallets registered with forged identification documents under the false names of foreign citizens. After receiving some funds from one platform, the scammers would close it and open a new one, the authorities explained.

So far, six fake websites have been discovered:,,,,, and Most have been taken down, with one redirecting to pornographic content. Investigators believe there are more undiscovered sites.

The Ukraine has seen an explosion of cryptocurrency trade, and Ukraine’s cybercrime department has urged the government to either ban them or legalise them “as soon as possible.”


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