📌 Why is crypto a paradise for scammers?
Cryptocurrencies are not only freedom and an opportunity to earn money, but also an ideal tool for fraud. Anonymity, decentralization, transaction speed, and lack of government control make the crypto market attractive for various types of fraud.
Since 2021, investigations into large-scale cryptocrimes have been gaining momentum in Ukraine. The schemes are complex, multi-level, and difficult to investigate. Below is an analysis of the most typical fraudulent schemes with real cases from judicial practice.
How does it work?
Behind every successful scheme is a well-organized structure. There are responsible individuals who find potential victims via Telegram, Instagram, and Facebook. Others talk to victims, impersonate exchange employees, “developers” or “HR”. There are also those who manage teams, create fake platforms, set up IP telephony, VPN, spam bots. Of course, there are “drops” - fake individuals through whom money is withdrawn. One of such typical schemes is described in detail in the solution Sviatoshynskyi District Court of Kyiv, case No. 759/11209/24, ruling dated 05/31/2024, or Pecherskyi District Court of Kyiv, case No. 757/60710/24-k, ruling dated 12/25/2024.
🎯 The most common fraudulent schemes
- “Cryptocurrency Testing” Scheme
The victim is offered to “earn” by testing a new cryptocurrency on well-known exchanges (Bybit, KuCoin). The person registers, funds the account, buys a crypto (for example, EOS or WAX), transfers it to a “test” wallet — and receives back the amount + 3%. After several “scrolls”, the victim loses a significant amount, which is no longer returned to him.
Example: victims transferred tens of thousands of dollars through Bybit and KuCoin, believing they were “making money” from testing (Svyatoshynskyi District Court of Kyiv, case No. 759/11322/24, ruling dated 06/14/2024)
- Fake exchangers and Telegram bots
A pseudo-exchanger operating in Telegram or through a website “accepts” crypto and disappears. Often, at the start, they offer a favorable rate, sometimes even conduct 1–2 successful transactions “on trust”, and then receive a large sum and block the victim.
Example: The victim transferred 9,450 USDT via a Telegram bot and did not receive any hryvnia in return. Dniprovsky District Court of Kyiv, case No. 755/15127/23, ruling dated 10.10.2023.
- Fake investment platforms
Copies of well-known sites or custom “investment platforms” are created. The victim sees fictitious profits, but cannot withdraw them. Often, programs like AnyDesk, MetaTrader-4 are used, they connect remotely and transfer funds to their accounts.
Example: Pechersk District Court of Kyiv, case No. 757/1507/23, ruling dated 01/15/2023. The victims provided access to a PC where “traders” from the call center stole cryptocurrency.
- Employment in a “crypto company”
“Recruitment” to a crypto exchange or fund with payment of tuition or guarantee fee. Often they promise 1000+ dollars salary per month for “remote investing”. After the fee, the “recruiters” disappear.
Example: Zhovtnevy District Court of Dnipro, case No. 559/4653/24, ruling dated 04/18/2024. The victim transferred UAH 35,850 during the "registration" process and lost contact with the pseudo-employer.
How to avoid becoming a victim of crypto fraud? Lawyer's advice
✅ Don't communicate with anonymous people on Telegram.
✅ Don't invest in "testing EOS, WAX" and other niche coins
✅ Do not give anyone your seed phrase, access to your crypto wallet, or AnyDesk.
✅ Use exchanges with KYC: Binance, WhiteBit, Coinbase
✅ Store assets in a cold wallet (Ledger, Trezor)
✅ Suspicion = verification: do not make a transfer without a contract or the public reputation of the party
🔎 Check before investing:
- Site creation date (through is)
- Availability of a team, legal address
- Permissions, licenses, connection with real exchanges
- Reviews on Reddit, Trustpilot, Google
- Return policy and terms of use
✅ Conclusion
Ukrainian law enforcement officers record and investigate dozens of cases related to crypto fraud. But the main method of protection is attentiveness and legal verification. The schemes are complex, technically well thought out, and the amounts of losses are impressive. Do not believe in “easy 3%” — and do not be fooled by “managers from Telegram”.
