Four Arrested in Ukraine for Running Six Fake Cryptocurrency Exchanges

[timerland]

These scam exchanges with no backing are really an issue that needs to be addressed.

The Ukrainians ought to be commended for doing this, because these are the things that shed a bad light on bitcoin as something that only scammers can use (obviously not true). This is also why a certain degree of regulation can be beneficial as people can judge much better which exchanges to trust as they would have to follow preset rules.

A lot of these people running scam exchanges overseas actually don't receive any legal repercussions as a result, so this is a rare sight.

[countryfree]

Good news. This is what we're expecting the police to do, arresting fraudsters and scammers

It also shows you must be cautious. When you trade altcoins, only use established services, like Poloniex or Bitfinex, and when buying BTC, stick to the biggest exchanges. Kraken or bitcoin.de...

[Lancusters]

Good news. This is what we're expecting the police to do, arresting fraudsters and scammers

It also shows you must be cautious. When you trade altcoins, only use established services, like Poloniex or Bitfinex, and when buying BTC, stick to the biggest exchanges. Kraken or bitcoin.de...

Those exchanges that you recommend only support SEPA transfers. This option is acceptable only for EU residents. I think it is more profitable to use the services of exchanges that support the withdrawal of Visa and MasterCard cards around the world. Except for the people of those countries that are blacklisted. For example CEX.IO.

[Vannie12]

Such greedy things always have a negative effect on every user. I feel sorry for those who are scammed but I also feel sad about how it will affect the image of cryptocurrency as a development and not just a scam party.
People should see its main purpose but such instances and events never helps the situation.
People who are computer literate and programmers can easily do such things now. Being techy is an advantage but should never be used to take advantage of other people.

[acilona116]

Thanks god they got to them with 6 exchanges, they probably made ready for another wave like 60 more
Exchanges are biggest scams, even bigger than coins or icos.

[kwabeedat]

According to reports, four Ukrainians were arrested by the Ukrainian police for allegedly carrying out six fake cryptocurrency exchanges that were used to defraud potential users of their funds.

The Ukrainian police made the arrests on June 21. The suspects, aged 20 to 26, have been trapping people and deceiving them into buying cryptocurrencies from online digital currency exchange companies that displayed fake ratings and reviews on their websites.

Read More >>>>http://social.bitzamp.com/four-arrested-in-ukraine-for-running-six-fake-cryptocurrency-exchanges/

That's good. It's a way of also deterring scammers from continuing their activities. Scam in the cryptospace continues to increase and if law enforcement works on it more often, people will become very careful.

[Aikidoka]

I do not really blame these four Ukrainians for doing such a thing. People follow others blindly. And that is the result of such an action. Either way, these scammers got what they deserve and I hope they will be an example for the people who might want to try what they did.  I believe there are the likes of them out there. People need to be cautious about whom to deal with even when they want to try easy things. I hope, one day, people start to see things from a different angle.

[Oasisman]

Actually that was a very well planned fraudulent activity, and there are still have plenty of ideas coming from the desperate people whos looking for the easiest way to become rich no matter how illegal it is. I guess these fake exchanges offers a lot of fake freebies and low exchange rate to attract less knowledgable people. Too bad for these bad people, I guess they got busted too early lol. It's better if they have initial report of the amount of money they have scammed.

[NavI_027]

I've seen a thread a while ago about Ukraine's legalization of crypto mining (https://bitcointalk.org/index.php?topic=4449627.0) and I feel glad about it because they are now slowly embracing and adapting the concept of cryptocurrency. Then I suddenly see this terrible news . How ironic that their government are trying to harness the potentials of crypto with good intentions of course, but in the end, others (like this four fraudsters) used this a tool for harming their fellowmen.

Anyway, I just really hope this bad news will not trigger their government to ban crypto in their country.

[XFlowZion]

Attracting investors by using fake ratings and reviews just like ICOs. We need to give a big thanks to the authority who made an action on these scammers so they won't victimized much more cryptocurrency supporters. I'm hoping the victims won't be discouraged to try investing again.

[hacekd]

No surprise. It's easiest way to get followers. Exchanges are big for some, especially new coins. And they try best to promote it and get listed there.
Also each exchange has it's own crypto, so here you go. Pump and Dump.

this is a matter of great fear for some countries that have not legalized bitcoin like Africa and other countries about the impact if crypto or bitcoin is released then criminal acts will arise such as murder, theft and so on so that they are making some regulations to regulate how to follow up things like that or at least can reduce if something like that happens

[Mahanton]

I've seen a thread a while ago about Ukraine's legalization of crypto mining (https://bitcointalk.org/index.php?topic=4449627.0) and I feel glad about it because they are now slowly embracing and adapting the concept of cryptocurrency. Then I suddenly see this terrible news . How ironic that their government are trying to harness the potentials of crypto with good intentions of course, but in the end, others (like this four fraudsters) used this a tool for harming their fellowmen.

Anyway, I just really hope this bad news will not trigger their government to ban crypto in their country.

Expect the unexpected where there a news of such acceptance of adoption and suddenly bad news happens. This would already matter on their jurisdiction if they would changed up their views because of such incident but on my own view it wont really be that much a great factor to go into opposite way. One fake exchange is somehow common but when we do talk about 6? Its a different story and good thing those fraudsters being caught.

[Ozero]

According to reports, four Ukrainians were arrested by the Ukrainian police for allegedly carrying out six fake cryptocurrency exchanges that were used to defraud potential users of their funds.

The Ukrainian police made the arrests on June 21. The suspects, aged 20 to 26, have been trapping people and deceiving them into buying cryptocurrencies from online digital currency exchange companies that displayed fake ratings and reviews on their websites.

Read More >>>>http://social.bitzamp.com/four-arrested-in-ukraine-for-running-six-fake-cryptocurrency-exchanges/

Recently, fraud with the crypto currency has been greatly increasing in number and scale. Especially the hackers became more active. No one now knows the exact figures of people's losses from hacker attacks. And they are simply huge and most deceived simply do not seek help. It's mostly young people. Even in the case described, the age of fraudsters is 21-26 years.

[freaker]

This is not the story of Ukraine only as there are many people in different countries trying to run fake crypto currency exchanges to capture people's money and run when they are collected sufficient amount of funds. The anonymous nature of exchanges and working of crypto currency has made people less worried about verification of exchanges but they should always invest in proper legit exchanges.