The law enforcement agencies of Ukraine have dismantled a crypto pyramid that has allegedly defrauded people of crypto and fiat currency worth roughly $40 million which is suspected to be linked to Russia.
The scheme called ‘Life is Good’ promised victims big rewards in big companies around the world after sending crypto and fiat currency to the platform.
According to the release, the owners of the platform used the pyramid scheme allegedly received roughly $40 million from more than 1,000 victims.
In the platform, victims were assured of deals that’ll bring stable profits in the form of dividends and “guaranteed” bonuses should any of them be able to convince people into participating in the scheme.
Thus far, Ukrainian law enforcement agencies have been able to identify over 10 individuals among the organizers and most of them happened to be Russian.
After the full-scale invasion of Ukraine by Russia in February, the fraudsters, In order to prevent themselves from being detected, used a network of one of Ukraine’s leading exchanges to receive cryptocurrencies.
While the offices of the fraudsters were bursted in Kyiv, several devices including advertising materials and accounting documents were seized by the Ukrainian Police.
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