Fake brokers in Ukraine talked people through buying cryptocurrency on exchanges, then guided them to transfer it to accounts the brokers controlled, Ukrainian police say. In a November 6 disclosure on Operation Trade, investigators said they had identified 135 German victims who lost more than €4.3 million.
The broker stayed on the line through the purchase
Call-center staff posed as brokers and financial advisers. They used internet calls and messaging apps to win people’s trust, then pitched cryptocurrency, shares and other investments through fake brokerage platforms. Once victims agreed to invest, the callers helped them open exchange accounts, buy digital assets and send them on.
That handoff is what made the pitch dangerous. A purchase can go through on a real exchange while the next transfer puts the assets under someone else’s control. A receipt from the exchange only records what happened there. If the caller supplies the destination, check who controls it before you approve anything. Our guide to checking a trading platform explains how to verify the operator and where it holds customer money.
Police say the suspects also gained access to some victims’ online banking. Investigators describe funds passing through bank accounts, exchanges and intermediary wallets before being converted and distributed. The announcement leaves the platform names and the method used to access online banking unspecified.
What investigators found in two rounds of searches
A joint Ukrainian-German investigation team coordinated the case. Ukrainian police carried out 39 searches in August. Investigators say evidence from that first phase led to 17 more searches in Kyiv and the surrounding region in September. Police reported seizing cash, phones, hardware wallets, SIM cards and computers in the second phase.
Police reported four arrests. The investigation is ongoing, and officers are still working to establish the full number of victims. The €4.3 million figure describes documented losses among the German victims identified so far. The allegations remain subject to proof in court.
If a broker asks you to send crypto
Pause before approving a transfer to an address sent by phone or chat. Look up the broker independently through the relevant regulator and confirm where the money will go. If you already paid, save the messages, receiving address and transaction ID, then contact the exchange you used. If the caller accessed your online banking, contact your bank through its official app or number.
References
- Cyber Police Department, National Police of Ukraine. International Operation Trade and the fraudulent call-center network. November 6, 2026.
