Police Arrest Four People Running Fake Crypto Exchanges in Ukraine


Police arrest four individuals that are allegedly responsible for operating six fake crypto exchanges in Ukraine. The suspected criminals have been luring users by advertising the exchanges with fake positive ratings and online testimonials.

22 June, AtoZ Markets Reportedly, the Ukrainian police have arrested four individuals that have allegedly been running six fake cryptocurrency exchanges. 

Police Arrest Four People Running Fake Crypto Exchanges in Ukraine

It appears that four men that were aged between 21 and 26 have allegedly established six digital currency exchanges. There, they have been deceiving users and stealing money from them, the media outlets reports. The suspected criminals have been luring users by advertising the exchanges with fake positive ratings and online testimonials. The police have stated that the suspected possessed “special knowledge and skills in the field of programming” and “have created their own CMS-system for managing the content of exchange sites.”

In the course of the raid of the suspects’ houses, the police have reportedly seized computers, smartphones, and flash drives among other devices. The spokesperson for the Ukrainian National Police has been quoted as saying: “the list of sites is not complete.” 

As of the moment, the Ukrainian officials are asking users to provide information about whether they have been deceived by fraudulent exchanges before that. 

Other instances of fraudulent crypto schemes

Following on this, yesterday, the US key securities’ market regulator, the US Securities, and Exchange Commission has received an extra emergency court order to freeze the assets of Dominic Lacroix, owner of PlexCorps. 

Dominic Lacroix along with his partner, Sabrina Paradis-Royer, have been accused of breaching securities law in by conducting PlexCoin Initial Coin Offering (ICO). The ICO has reportedly raised as much as $15 million from “thousands of investors.”

The similar case has happened at the beginning of this month. A Bitcoin trader in Los Angeles, California, has faced prosecution for allegedly operating an unregulated multimillion dollar Bitcoin-fiat money transmitting business. 

Reportedly, the individual named Theresa Tetley has earned at least $300,000 a year thanks to her illegal business. The company has been operating between 2014 and 2017. 

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