Police Expose Cryptoasset Fraud Worth More Than $655,000: Searches Carried Out in Prague

• Police uncovered a cryptocurrency scam worth more than $655,000.
• The man persuaded the victim to invest in crypto assets to generate passive income.
• The funds were converted into cryptocurrency and transferred to wallets that, according to investigators, were effectively controlled by the suspect.

Ukrainian law enforcement exposed a man suspected of stealing more than $655,000 under the guise of investing in crypto assets. As part of international cooperation, a search of his residence was carried out in Prague.

According to investigators, between 2023 and 2025, the suspect persuaded the victim to invest funds in cryptocurrency assets in order to later receive passive income.

The money was converted into cryptocurrency and transferred to crypto wallets, the details of which were provided by the suspect. During an analysis of virtual asset flows, law enforcement established that the funds were sent to wallets that were effectively controlled by the man.

He then moved the assets across various services and used methods that, according to investigators, made it harder to determine the origin of the funds and track the subsequent movement of the crypto assets. The total amount of stolen funds, according to law enforcement, exceeds $655,000.

As part of international cooperation, Czech law enforcement confirmed the suspect’s place of residence in Prague. A court-authorized search was carried out at that address with the participation of representatives of the National Police of Ukraine.

Law enforcement officers seized computer equipment, mobile terminals, data storage devices, hardware cryptocurrency wallets, handwritten notes, payment cards, and financial and business documents. Law enforcement officers are currently analyzing the information obtained during the searches.

Criminal proceedings have been initiated under Part 5 of Article 190 of the Criminal Code of Ukraine — fraud.

As a reminder, earlier in Ukraine, law enforcement exposed a criminal organization through which about 500 million hryvnias passed each month.

Сообщение Police Expose Cryptoasset Fraud Worth More Than $655,000: Searches Carried Out in Prague появились сначала на INCRYPTED.