Whistleblower Outs 'Wolf of Kyiv' for $70 Million Bitcoin Scam

Published on by Cointele | Published on

A whistleblower has revealed the existence of a 200-employee Ukrainian Bitcoin trading scam that netted $70 million in 2019.

The whistleblower outed the scam by providing footage and internal company documents to Swedish newspaper Dagens Nyheter, which reported the news on March 1.

The scam predominantly targets investors based in Australia, New Zealand and the United Kingdom by using fake news articles advertised on Facebook and some mobile game platforms.

Ukrainian company Milton Group accused of operating scam.

The whistleblower claims that the scam is being perpetrated by Ukrainian company Milton Group from two floors of an office building in Kyiv.

The whistleblower claims to have been a part of the scams "Retention" team, where he was expected to make 300 calls each day.

The operation reportedly poses under many different business titles, including contacting victims under the guise of offering scam recovery services after they have already been duped.

The scam also impersonates national tax authorities, posting letters demanding that prospective victims settle fabricated tax debts.

The organization reportedly netted $70 million in 2019, and Dagens Nyheter noted that many victims have been duped out of their life savings.

The Guardian contacted 16 British victims of the scam, who recounted receiving an onslaught of phone calls after responding to ads.

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