It’s been a busy month for the crypto industry in Ukraine. The country’s crypto miners were in celebration after the government relieved them from having to get licensees to mine. This would open up the process for more miners who have one less thing to worry about. Before the excitement had died down, the crypto industry was making headline again, but this time for a completely different reason. A number of investors had realized, albeit too late, that they had fallen victim to some unscrupulous people and had lost their money. The country is still largely unregulated and this has opened up room for fraudsters and an undisclosed number of investors found this out the wrong way.

Ukraine Becoming One Of The Most Conducive Places For Miners

Currently, Ukraine is one of the best places to set up shop if you are a miner. The most attractive thing is its fairly cheap electricity, making it one of the most affordable countries for mining in Europe. Now, it’s getting even better; the State Service of Special Communication and Information Protection has announced that mining companies do not need licensing. The announcement came in response to an inquiry filed by the Better Regulation Delivery Office organization, the board that had previously claimed that crypto mining companies were making $100 million in annual revenue. The regulator added that it was not planning to start licensing miners anytime soon even as skeptics raise security concerns over not having miners registered which could open up room for illegal and fraudulent activities. The Ukrainian government is notably in the process of creating a comprehensive regulatory framework over the crypto industry and particularly in mining but there is still no notable progress.

Four Arrested In A Crypto-Related Scam

The only number that the Ukrainian police is certain about is that of the culprits, and it’s four. However, six sites have been confirmed to have been used to scam people, but it is not certain they are all there is. Additionally, it is not certain how many people were scammed and how much the scammers made away with. The sites used to scam investors included,,,,,, and Even though all sites were legitimately registered, the reviews and activities were manipulated to lure investors.

The websites had received so much attention since they were using a custom CMS system that attracted people through review websites. The review websites were already filled with false positive reviews to convince investors

The six suspects, of whom it is reported that three were between the ages of 20 and 26, would receive money into e-wallets that were registered under fake identities. Investigations are still ongoing since it remains unclear if there are more websites and how much they successfully scammed.

With the country of Ukraine beginning to appear on the world map as a pro-crypto country, this might not be the last case of fraudulent activities we hear about. However, the government seems determined to create a conducive environment for the industry to thrive, something that will go a long way to the overall success of the industry in the country.



About Steve Kaaru

I am a very awesome human. I love writing, and I am awesome at it. I am a blockchain and cryptocurrency enthusiast and championing the blockchain through well-crafted articles is what I do

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