Ukrainian security forces have recently revealed a well-planned crypto pyramid known as ‘Life Is Good’, managed by a criminal organisation of Russian nationals which had a branch operating in Ukraine. The fraudsters managed to collect around $40 million from over 1,000 victims who were lured by the promise of lucrative profits from investments in stocks of renowned international companies.

The criminals operated a fake online platform featuring fictitious investor accounts with bogus data such as dividends, bonuses and constant profit. To make their pyramid grow, they also offered rewards to anyone who brought in new participants.

Since Russia’s invasion started in February 2022, the organisers of the scam made the effort of hiding their activities, using a network of crypto exchanges across the country to collect payments in virtual currencies in order to stay anonymous.

In response to this crime, Ukrainian police and prosecutors have been taking action and searching Life Is Good's offices in Kyiv. During the investigation, law enforcement seized computers, phones, accounting documents and promotional materials which suggest criminal activity.

The exposure of this crypto pyramid is a reminder of Ukraine's commitment to fighting crypto-related crime. To ensure the safety of crypto users in the country, Ukrainian authorities such as the Cyberpolice, the Asset Recovery and Management Agency and the Security Service of Ukraine have been improving their professional capacities by attending special classes organized by Binance.

This new fraud joins the list of cryptocurrency-related scam schemes that have been fractionated in the country. In November, the Cyberpolice detected another mass fraud scheme based on luring investors through a network of agents and call centers located in different countries in Europe, which allegedly managed to accumulate a staggering €200 million a year.



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