Crypto call centers dupe people across Europe busted by Ukrainian cops
Crypto scammers come in different shapes and faces. In this part of the globe, they come from call centers – agents who speak well of their targets and steal their money.
Since Russia’s invasion of Ukraine on February 24 this year, hundreds of soldiers and civilians have been killed by atrocities.
However, in the midst of injury and death, fraudsters take advantage of the circumstances by using technological means to separate victims from their money.
Recently, the police and the security service in Ukraine launched an operation against a call center that was defrauding people.
Crypto scams worldwide
The scheme was intricate. Call center agents deceive unwary customers using eloquence and persuasion.
They used software that hides their actual phone number to appear legitimate. This is combined with fake websites for institutions and exchanges that facilitate trading in fiat currencies, cryptocurrencies, gold and securities.
Within the EU, local and foreign nationals were exposed to this scam.
The National Police of Ukraine said:
“After being authorized to recover the lost funds, individuals gave instructions to transfer ‘commissions’ to the accounts of scheme participants.”
Image: Bitcoin.com
The call center scammers pretend to be “Community of Cryptocurrency Brokers.” They claimed to work for the brokerage group and offered to help victims find and recover their stolen funds in exchange for a “commission”.
“After receiving the money, communication with the ‘brokers’ was interrupted and no payments were made,” the NPU said.
Recently, Ukraine’s crypto market has experienced significant expansion. Just this March, President Volodymyr Zelenskyy signed the “Virtual Assets Bill”. This law legalizes digital assets across the country.
In addition, the measure establishes the legal status of crypto-assets and the papers required for exchanges to be registered in the country.
Crypto helps Ukraine get by
Ukraine has received $150 million in relief from foreign contributions. These donations were used to provide the country’s people and military necessities in defense against Russia.
Ukraine’s optimistic attitude towards cryptocurrency is extremely encouraging for a number of reasons. This could raise the profile in the cryptosphere.
This could also potentially create jobs for millions of displaced individuals and battle-weary troops after the war.
However, the rise of fraudulent call centers in the country is a warning indicator of what could happen if enforcement measures are not maintained.
According to the Criminal Code of Ukraine, those found guilty of the aforementioned call center fraud can be sentenced to 12 years in prison.
Crypto total market cap at $944 billion on the daily chart | Source: TradingView.com Featured image from XSolutions, chart from TradingView.com
