Ukraine’s Security Service announced that they had cracked a case involving illegal crypto exchanges that worked under the same network. Said network was situated in Kiev.
According to the official press release, the turnover of this fraudulent scheme was around 1.1 million US dollars per month – that is the overall profit they had. According to the same report, such an amount is derived from a 5% to 10% interest on each transaction. They have been in operation since the beginning of 2021.
Apparently such crypto exchanges are quite popular among many investors due to their anonymous transactions, not to mention that some investors, as shady as the exchanges themselves, use them to launder ill-gotten gains.
Law enforcement found computers, mobile devices, money laundering documents, server machines, and thousands in cash in five different Kiev districts.
Source
That sort of thing, unfortunately, gives the industry a bad name. I am glad the authorities busted it.
According to the official press release, the turnover of this fraudulent scheme was around 1.1 million US dollars per month – that is the overall profit they had. According to the same report, such an amount is derived from a 5% to 10% interest on each transaction. They have been in operation since the beginning of 2021.
Apparently such crypto exchanges are quite popular among many investors due to their anonymous transactions, not to mention that some investors, as shady as the exchanges themselves, use them to launder ill-gotten gains.
Law enforcement found computers, mobile devices, money laundering documents, server machines, and thousands in cash in five different Kiev districts.
Source
That sort of thing, unfortunately, gives the industry a bad name. I am glad the authorities busted it.
