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Home»ADOPTION NEWS»Ukraine seizes $1.5 million worth of cryptocurrency from former government official
ADOPTION NEWS

Ukraine seizes $1.5 million worth of cryptocurrency from former government official

By Crypto FlexsDecember 1, 20232 Mins Read
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Ukraine seizes .5 million worth of cryptocurrency from former government official
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Ukraine’s Anti-Corruption Service said Thursday it had seized $1.5 million worth of cryptocurrency assets from Yuri Rural, the former head of Ukraine’s Special Communications Service.

The asset seizure includes 6.9 BTC, 1.2 million USDT and 331 TRX belonging to Shchigol, the agency known as NABU said in a release. The former government official is being investigated for allegedly misappropriating about $1.8 million worth of government funds.

According to NABU, Shchigol and his deputy Victor Zhor were behind a criminal scheme in which the Special Communications Service, which provides communications between government agencies, purchased and overpaid for software and services from two companies. The purchase was made in secret to avoid a public auction.

These unnamed companies colluded with Shchigol and Zhor, and the government agency ended up paying 285 million hryvnia ($7.8 million). The goods and services purchased were actually purchased from other suppliers abroad and cost only 223 million hryvnia ($6.1 million). NABU said Shchigol and Zhor pocketed the difference.

conspirator arrested

Ukrainian news agency RBC reported that Zor was arrested Wednesday.

Ukrainian officials are known to use cryptocurrencies. In 2021, various government officials reported owning 46,351 bitcoins, worth $2.7 billion at the time. The 19-year-old son of two members of parliament and a local politician reported owning $24.6 million worth of Monero.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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