Money 24/7 fake exchange network ringleader ordered held in custody

How the Money 24/7 scheme worked

According to Рубрика — Суспільство: A man suspected of running the Money 24/7 fraudulent network has been taken into custody. The operation posed as a chain of currency exchange outlets and a crypto-asset exchange service. According to prosecutors, the court ruled to hold the suspect in pretrial detention, with an option to post bail. Investigators say one victim suffered losses amounting to more than UAH 1.59 million.

The suspect worked with others to run the fake financial platform. To make it look legitimate, they used websites, a Telegram account, a trademark, and an office. The scam took cash from customers who asked to convert money into crypto assets, but then did not complete the exchange. In some cases, victims received partial crypto transfers and written promises.

Crackdown by law enforcement

Prosecutor General Ruslan Kravchenko announced the takedown of Money 24/7 in July 2026. More than 20 searches were carried out across seven regions of Ukraine. During those raids, officials seized over UAH 20 million in cash in different currencies, along with documents, computers, mobile phones, storage media, and other evidence.

The suspect now faces pretrial detention unless bail of UAH 998,400 is paid. The case sheds light on a wider pattern of fraud involving currency and crypto exchange services in Ukraine. It also underscores the need for stronger oversight of financial platforms, as law enforcement continues to target scams that could otherwise harm more customers.