Ukraine, Czech Republic bust $2Mn call center crypto fraud
ZAKARPATTIA, UKRAINE — Ukrainian cyber experts in collaboration with Czech authorities, have dismantled a fraud ring that stole cryptocurrency and bank funds from European Union (EU) residents.
The operation led to the arrest of four organizers in Zakarpattia who ran a 70-person call center targeting victims through fake investment schemes.
International cyber operation shuts down major fraud ring
The Security Service of Ukraine or Sluzhba Bezpeky Ukrayiny (SBU) and Czech Republic’s National Agency for Combating Terrorism, Extremism and Cybercrime jointly uncovered a criminal operation stealing digital assets from EU citizens.
The fraudsters, operating from a call center in Uzhgorod, used viral programs to hack victims’ devices after luring them with fake crypto investment opportunities.
At least 70 operators, aged 19 to 27, posed as financial advisors to manipulate victims into accessing malicious accounts.
During raids, law enforcement seized mobile phones, computers, and transaction records proving the theft of over ₴2 million (US$48,176.29).
The four detained organizers now face up to 12 years in prison under Ukraine’s fraud laws, with possible asset forfeiture. The cross-border investigation highlights growing EU-Ukraine collaboration in combating cybercrime.
Fake investment scams exploit crypto market boom
The criminals used fake online ads and a scripted call center to pose as crypto investment advisors, convincing victims to register on fraudulent platforms.
Once users entered their credentials and registered in an electronic account, hackers gained remote access to their devices, draining both crypto wallets and bank accounts. The scheme specifically targeted EU residents, capitalizing on rising interest in digital assets.
Authorities warn that such scams are becoming increasingly sophisticated, blending social engineering with malware attacks. The SBU noted that the group’s operations were well-organized, with IT specialists creating realistic but fake trading platforms.
This case underscores the need for greater public awareness of investment fraud tactics.
