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Monday, June 18, 2018

Scammers who set up fake cryptocurrency exchanges now arrested in Ukraine...

The scam worked like this - setup websites that looked like known and trusted exchanges, trick people into clicking links to them, then steal their login information.  Once they had that, they could log into the real exchanges and drain their wallets.

According to a statement from the Ukrainian government:

"Receiving operational information about the activities of fraudsters, police began criminal proceedings under Part 3 of Art. 190 (fraud) of the Criminal Code of Ukraine. Within it, employees of the cyberpolice carried out a complex of operational measures, the results of which established the persons involved in this crime. They were inhabitants of the city of Dnipro from 20 to 26 years old."

After stealing the victims cryptocurrency, they would cash out using exchanges which convert cryptocurrency to fiat cash, transferring the funds to bank accounts opened with other stolen identities.

Ukrainian cybercrime investigators say a total of 6 fake exchange sites were created by the 4 people they arrested.
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Author: Mark Pippen
London News Desk