Global Authorities Unite to Bolster Ukraine’s Crypto Crime Fight

The United States, the United Kingdom, and the Netherlands have collaborated to support Ukraine law enforcement in addressing the increasing incidence of crypto crime within the nation.

“The training, which was offered virtually, provided Ukrainian law enforcement with tools to combat money laundering, analyze fraudulent cryptocurrency transactions, and improve the effectiveness of blockchain forensic investigations,” the statement noted.

Ukraine Authorities Focusing on Fighting Crypto Crime

According to a recent statement, the US Internal Revenue Service Criminal Investigation (CI), teamed up with the Dutch Fiscal Information and Investigation Service (FIOD) and the United Kingdom’s His Majesty’s Revenue and Customs (HMRC).

This aimed to aid Ukrainian law enforcement officers in tackling crypto and blockchain fraud. Approximately 40 Ukrainian law enforcement officers participated in their second round of virtual training focused on blockchain tracing.

This session built on May’s training collaboration between the CI and Chainalysis, which focused on cybersecurity for Ukrainian authorities.

For the latest sessions, CI, FIOD, and HMRC joined forces with blockchain analytics firms CipherTrace and BlockTrace.

Meanwhile, the statement highlights that CI is currently conducting 30 ongoing investigations related to sanctions. However, by training its international partners, like Ukraine, it enables authorities to enhance their efficiency in conducting crime investigations.

On the other hand, Chainalysis data reveals that the proportion of all crypto activity linked to illicit actions nearly doubled from 0.12% in 2021 to 0.24% in 2022.

Illicit share of all cryptocurrency transaction volume, 2017-2022. Source: Chainalysis

Crypto Crime Surges in Ukraine in Recent Times

The US Federal Bureau of Investigation (FBI), in collaboration with Ukrainian authorities, recently took action to halt several crypto exchanges suspected of money laundering.

On May 5, the FBI and Ukraine authorities cracked down on nine violating crypto platforms. Subsequently, authorities cited the exchanges’ extensive involvement in money laundering as the primary reason for the investigation.

This follows the discovery of a major pyramid scheme in Ukraine. It operated under the guise of an investment project called “Life is Good.” Consequently, the scammers reportedly offered victims the opportunity to become investors, promising them rapid growth in their capital investments.

According to the authorities, the alleged scammers defrauded over a thousand victims, netting nearly $40 million.


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About the Author: Daniel