Law enforcement officers have notified the organizer of the Money 24/7 exchanger network of suspicion. The National Police announced this on Monday, August 10.
The investigation claims that the network, under the guise of a legitimate currency and cryptocurrency exchange service, actually appropriated client funds. The scheme looked convincing: specially created websites, a Telegram channel, a registered trademark, and an office equipped as a cash reception point.
How the scheme worked
After filing an application to exchange cash for cryptocurrency, clients were invited to the office where they handed over their funds. Once they received the money, the suspects kept it for themselves.
"To delay victims from contacting law enforcement, they partially transferred crypto assets to some clients and provided written guarantees regarding the completion of transactions," the National Police explained.
One of the victims suffered property damage amounting to nearly 1.6 million hryvnias.
Scale of the operation
During the investigation, police conducted over 20 searches in seven regions of Ukraine. They seized more than 20 million hryvnias in cash in various currencies, documents, computers and phones, storage media, and other physical evidence.
One of the suspects was notified of suspicion under Part 3 of Article 27 and Part 5 of Article 190 of the Criminal Code (organization of seizure of another's property through fraud on an especially large scale, committed by a group of persons by prior agreement). He faces up to 12 years in prison with confiscation of property.
The court chose a preventive measure for the suspect in the form of detention in custody with an alternative of bail in the amount of 998,400 hryvnias. For now, this is a suspicion – the guilt of the suspect must be proven in court.
Bihus.Info investigation
On June 29, Bihus.Info journalists published an investigation into the Money 24/7 exchanger network. They claimed that the company operated without the necessary licenses and later began delaying or not returning money and cryptocurrency to clients at all.
Journalists spoke with a dozen victims who claimed that after transferring their funds, they only received promises and explanations about "technical issues." The total amount of victims' claims could have reached approximately $10 million. The investigation states that new clients' money could have been used to cover debts to previous ones – journalists compared the scheme to signs of a financial pyramid.
- According to Rakuten Viber data, over 90% of Ukrainians in 2025 have either personally encountered cybercriminals or heard about such cases from their circle.
- In April, the National Securities and Stock Market Commission expanded the list of scam projects.
The Money 24/7 case is another example of how unlicensed cryptocurrency exchangers exploit the trust of people who want to quickly and "informally" convert currency. The question that remains open is whether the investigation will be able to return at least part of the millions of hryvnias to the victims, or will the seized 20 million hryvnias be the only compensation for dozens of victims with total losses of $10 million.
