Four Ukrainians aged around 20-26 years have been arrested for running six fake cryptocurrency exchange platforms. The Ukrainian Police made the arrests on 21st June. The suspects have been luring people and deceiving them into buying cryptocurrencies from online digital currency exchange companies that displayed fake ratings and reviews on their websites.
According to the police, the culprits were proficient in programming and have developed their own content management system for managing their fake exchange sites. At least six scam websites were tracked by the police for which the domains are no longer live. These websites included:
During the raid, the police were able to get hold of many valuable assets at the suspects’ house. The evidence discovered included heavy computers, flash drives, smartphones, and other electronic devices. The police suspect that there might be more such scam websites and have launched further investigations to hunt similar cybercriminals.
This is not the first incident in Ukraine that involves a cryptocurrency scam. Earlier this year, another Ukrainian group scored $50 million by using Google ads to drive traffic to phishing sites. Their hosting server was instantly shut down by Cisco Talos, a cybersecurity company.
As the crypto technology advances, more and more hackers are finding ways to scam users. Fake trading companies and lawbreakers are also being arrested on a monthly basis. It is advised to investors to invest their money in renowned companies only and also perform a background check before doing so.
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