The Office of the Prosecutor General has announced that the organiser of the Money 24/7 fraud scheme, which was uncovered during a special operation in July 2026, has been charged and arrested. According to the investigation, the platform posed as a network of exchange offices and a crypto-asset exchange service, but failed to fulfil its obligations to customers after receiving funds.
Briefly about the main points
- The organiser of Money 24/7 was served with a notice of suspicion and arrested.
- The platform was positioned as a network of exchange platforms and a crypto service.
- The investigators allege that transactions were not carried out after the clients’ funds had been received.
- According to the police, one victim lost more than 1.59 million hryvnias.
- In July, cash and digital storage devices were seized during searches.
How, according to the investigation, the platform operated
According to the investigation, the suspect acted in collusion with others. Money 24/7 was marketed as a network of exchange points and a service for exchanging crypto-assets. According to law enforcement, the appearance of legitimate business operations was created through websites, a Telegram account, a trade mark and an office set up as a cash collection point.
Customers transferred money to be exchanged for cryptocurrency; however, according to the investigation, the perpetrators of the scheme failed to fulfil their obligations once they had received the funds. To maintain trust and delay victims from contacting the police, some victims were sent partial transfers of crypto-assets and provided with written guarantees.
According to the police, one of the victims suffered losses amounting to over 1.59 million hryvnias.
What was seized during the special operation in July
Law enforcement agencies uncovered Money 24/7’s activities in July 2026. At that time, more than 20 searches were carried out across seven regions of Ukraine, and over 20 million hryvnias in cash, in various currencies, were seized. Documents, equipment, mobile phones, data storage devices and other material evidence were also seized.
Investigators are identifying all possible participants in the scheme, the victims and other circumstances of the criminal offence. In accordance with the Constitution, a suspect is presumed innocent until proven guilty by a court verdict.
