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Six Fake Exchanges Busted in Ukraine

The police in Ukraine have arrested four men suspected of running six fake crypto exchanges.

Four men aged between 20 to 26 had allegedly launched at least six cryptocurrency exchanges, where their practice was to deceive users and steal money from them. The culprits influenced their customers by fake-promoting the exchanges and giving inauthentic positive ratings and online reviews.

The police, in their reports, have said that the suspects had “special knowledge and skills in the field of programming and have created their own CMS-system for managing the content of exchange sites.”

The police have seized computers, flash drives, smartphones, and other devices from the suspects’ homes. An official spokesperson from the National Police of Ukraine has said that the list of sites is not complete”.

The SEC recently received an emergency court order to freeze the assets of a certain Dominic Lacroix, owner of PlexCorps. Lacroix and his partner, Sabrina Paradis-Royer, have been accused of violating securities law in respect to the PlexCoin initial coin offering (ICO) conducted by PlexCorps in August last year. The ICO was reportedly able to raise $15 million from “thousands of investors.”

According to the reports, a Bitcoin trader in Los Angeles, California, was prosecuted early this month for running an unregistered multimillion dollar Bitcoin-fiat money transmitting business. Theresa Tetley, the accused, made $300,000 annually from her black market business, which ran between 2014 and 2017 via a listing on localbitcoins.com.

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