Former Ukrainian Official's $1.5M Crypto Seizure: A Detailed Look

• Ukrainian Anti-Corruption Bureau Seizes $1.5M in Cryptocurrency
• Breakdown of the Seized Cryptocurrency
• Allegations of Fraud
• Shchigol Now in Custody
• Previous Cryptocurrency-Related Arrests in Ukraine

Ukrainian Anti-Corruption Bureau Seizes $1.5M in Cryptocurrency

Yuriy Shchigol, the former leader of the State Special Communications Service of Ukraine, has reportedly had $1.5 million worth of cryptocurrency seized by the National Anti-Corruption Bureau of Ukraine (NABU), as per local reports from RBC.

Breakdown of the Seized Cryptocurrency

A total of $1.2 million in tether (USDT) and 6.9 bitcoin (BTC) were confiscated in the seizure, which received backing from the Supreme Anti-Corruption Court in Ukraine.

Allegations of Fraud

The bureau alleges that Shchigol and his deputy, Viktor Zhor, embezzled state funds that were meant for the purchase of software and equipment, subsequently converting these proceeds into cryptocurrency. Various companies are believed to have facilitated this operation in an attempt to keep the crypto conversions hidden.

Shchigol Now in Custody

As a preventive measure, law enforcement has reportedly taken Shchigol into custody.

Previous Cryptocurrency-Related Arrests in Ukraine

This is not the first time that Ukraine has been the scene of arrests related to cryptocurrency. In 2020, an individual suspected of selling private data, including information related to crypto wallets, was arrested by the police. Furthermore, in 2018, four Ukrainian citizens were detained on charges of running a fraudulent crypto exchange.

Edited by Jonathan Stoker