Ukrainian law enforcement said it had uncovered an alleged cryptocurrency investment fraud involving a man suspected of stealing more than $655,000, a case that prompted a court-authorized search in Prague. Investigators allege that between 2023 and 2025, the man persuaded a victim to invest in crypto assets to generate passive income, then directed the funds to wallets he effectively controlled.

Investigators trace cryptocurrency transfers

The victim’s money was converted into cryptocurrency and transferred using wallet details supplied by the suspect, according to the National Police of Ukraine.

Law enforcement officials said their analysis of virtual-asset flows established that the money was sent to wallets effectively controlled by the man. He subsequently moved the assets across various services and used methods that investigators said made it more difficult to identify the funds’ origin and track their later movement.

The total amount allegedly stolen exceeds $655,000, according to law enforcement.

Authorities search Prague residence

As part of international cooperation, Czech law enforcement confirmed the suspect’s residence in Prague. Authorities conducted a court-authorized search at the address with representatives of the National Police of Ukraine present.

Officers seized computer equipment, mobile terminals, data-storage devices, hardware cryptocurrency wallets, handwritten notes, payment cards, and financial and business documents. Law enforcement officials are analyzing the information obtained during the search.

Authorities have initiated criminal proceedings under Part 5 of Article 190 of Ukraine’s Criminal Code, which covers fraud.

Source: Incrypted