Fake Cryptocurrency Exchange Busted In Ukraine

Four young men between the ages of 20 and 26 years have been arrested by the Ukrainian Police for running fake cryptocurrency exchange. The four men, according to the police in Dnipro, Ukraine, were running at least six fake cryptocurrency exchanges.

With cryptocurrency gaining much popularity and with a lot of people eager to buy and sell cryptos, the digital platform has seen an influx of amateurs as well as scams and fraudsters. The police in Ukraine informed that there is definitely more scams the men were running not just the six cryptocurrency exchange.

The fake cryptocurrency exchange included,,,,, and The police also informed the men used their programming skills and special knowledge to set up these fake scams and also created their own CMS systems for managing these sites.

The police of Ukraine have been asking to speak to the people who were scammed by the fake cryptocurrency exchange to report their losses and file complaints with the police. So far they are not sure about the amount that was stolen from people by the four men. The police have, however, confiscated computers, smartphones, flash drives and other electronics from the homes of the men. The confiscated electronics have been sent to the forensics and the cyber unit to try and recover the details of the people who have been scammed and the amount of money that was stolen by the men, Live Bitcoin News reported.

Even though the cryptocurrency world claims to be secure and safe, and it has been so far, the scams, raids, frauds and fake cryptocurrency has been on the rise. Just like we are careful about investing in any other place or platform, it is important to show awareness and be alert even while buying and selling cryptocurrency. The concept of digital and virtual currency is still a very new one, so along with the opportunities and excitement also come the risks of getting scammed.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Meghna is an experienced writer for e-commerce and fintech. Her latest interest lies in the cryptocurrency sector.

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