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Home›Crypto›Regulation›Ukraine-linked crypto drainer ring pushes up to $1M mo…

Ukraine-linked crypto drainer ring pushes up to $1M monthly

The scheme used fake investment ads on Telegram to route victims to a lookalike exchange, according to Decrypt.

Reported · Written up by our desk · Regulation

A crypto drainer ring tied to Ukraine is operating at a higher pace, with Decrypt reporting it has moved to about $1 million per month.

The reported scam worked through fake investment ads posted on Telegram channels.

Victims in the EU were funneled to a lookalike exchange designed to empty their crypto wallets.

Decrypt said the activity includes targeting users with deceptive exchange branding to complete the theft.

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Sources

DecryptUkraine Busts Kyiv Crypto Drainer Ring Moving Up to $1M Monthly

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