Largest crypto scam worth $275m exposed

Ukrainian journalists, in collaboration with the OCCRP (Organised Crime and Corruption Reporting Project), uncovered a large-scale fraud network operating in various countries. According to the investigation, the criminal scheme generated $275m for its organisers, with 35,000 victims from 30 countries.

How did the scheme work?

The fraudsters created fake investment companies, promising clients high returns in the cryptocurrency market. The scammers' offices were located in Ukraine, Bulgaria and Georgia. Potential investors were persuaded to invest in supposedly profitable projects using professionally developed websites, shell companies and false reports on profitability.

Global scale of the deception

The network spanned dozens of countries, attracting investors with promises of easy profits. However, as the journalists found, the money was not invested in cryptocurrency assets but was simply redistributed among the participants of the fraud scheme. Ultimately, investors lost their funds, while the scammers' organisers withdrew the money through complex financial operations.