Police Ex‑Officers Target Crypto Startups

Former police officers are accused of turning their training into a crime ring that kidnapped crypto business owners and stole more than two million dollars.

The investigation, finished by the Kyiv Regional Prosecutor’s Office, names four ex‑police men and one civilian who had a prior conviction.

These men once served in the main police force of Crimea, Sevastopol and Kyiv before they were dismissed after being arrested.

Two former colonels led the group, bringing in other officers and a civilian accomplice to form an armed gang.

The prosecutors say the gang used police tools, contacts and vehicles to plan attacks, communicate through secret chats, and act like law‑enforcement while committing robbery.

Victims were tracked, taken by force, and forced to sign fake contracts that claimed huge debts.

In one case a Kyiv entrepreneur was made to write a $5‑million debt while being moved between unknown locations.

The gang stopped its crimes in November 2025 and the members were released from police service; all evidence was sent to court.

Similar abuses of authority have happened elsewhere, such as a former LAPD officer who stole Bitcoin from a teenager in Los Angeles.

Experts warn that crypto assets can be taken quickly and across borders, so people must treat personal safety, legal support and secrecy as seriously as wallet protection.

A 2025 report found 72 “wrench attack” incidents worldwide, a rise of 75 percent from the previous year, with losses over $40 million.

In France, authorities are investigating 88 suspects, including minors, after recording 135 crypto‑related incidents since 2023.