Ukrainian law enforcement exposes a $40-million Russian crypto pyramid scheme.
The scam convinced victims to send fiat money and cryptocurrency by promising profitable investments in big companies around the world.Officers from the Security Service of Ukraine have unraveled a fake investment scheme called ‘Life Is Good,’ the agencyon Tuesday. The fraudsters behind it offered potential clients to multiply their money by acquiring shares of global enterprises.
Life Is Good had an online platform maintaining fake investor accounts. Customers were promised deals bringing stable profits in the form of dividends and “guaranteed” bonuses if they were able to attract new participants to the project.According to the Ukrainian investigators, more than 10 people have been involved in the criminal organization, mostly Russian nationals. The financial pyramid, which was launched in the Russian Federation in 2017, had a local branch in Ukraine.
Working with their colleagues from the Ukrainian police and prosecutors, the SBU officers searched Life Is Good’s offices in Kyiv, seizing computers, mobile phones, accounting documents, and other records suggesting criminal activity as well as advertising materials.
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