Decoy exchanges and fake tokens: how crypto scammer Bohdan Prylepa drained money under the pretense of investments

Bohdan Prylepa, the owner of cryptocurrency exchanges Coinsbit, Qmall, and other platforms, has been added to Ukraine’s wanted list. He is suspected of committing large-scale fraud and embezzling over one billion hryvnias in clients’ funds. The funds were allegedly meant for the acquisition of drones for the Ukrainian Armed Forces, with victims from several European nations. Ukrainian authorities are working with European law enforcement, as Prylepa is believed to be in hiding in Dubai.

Ukrainian law enforcement agencies have announced Bohdan Prylepa, the owner of cryptocurrency exchanges Coinsbit, Qmall, Tidex, and Godbit, as wanted. He is accused of large-scale fraud involving the misappropriation of over a billion hryvnias, which were intended to support the Ukrainian Armed Forces, particularly for drone purchases. According to the latest data, the victims of Prylepa’s actions include not only Ukrainians but also hundreds of people from Germany, Poland, and other European countries.

Prylepa is also suspected of fraud and manipulations with cryptocurrency assets on his exchanges. For example, platforms Tidex and Coinsbit have already been declared "scam projects" on the international site CoinGecko due to non-payments to clients. It is expected that a similar situation might affect the Patex exchange, where Prylepa has gathered 8 million dollars from investors.

"Due to non-payments on Coinsbit and Tidex, hundreds of people in Europe have suffered. The total amounts that have not been returned to clients reach tens of thousands of dollars," investigators note.

Prylepa, along with his accomplices including Pavlo Shydlovskyi and Andriy Saranenko, organized a complex scheme for diverting clients’ funds to external accounts. One of the tools for this was the sale of "empty" shares of Acura Capital, with which Prylepa attracted investments amounting to 8 million dollars.

Fraud schemes and arrests of accomplices

The Ukrainian investigation has also shown interest in other members of Prylepa’s team, including Saranenko, Shydlovskyi, Ivanov, Podpletko, Mazolyuk, and Vorobyov. They helped to block the accounts of cryptocurrency exchange clients and transferred funds to dummy accounts for personal enrichment. In particular, the general director of the Godbit exchange was arrested for manipulations with the NOTAI cryptocurrency, which sharply lost value after the arrest of Prylepa’s companion.

Escape to Dubai and possible ties with Russian entities

Читайте ещё:A financial trap by Andrey Martynyuk, or What lies behind the activities of fake broker and owner of FreshForex

After the start of Russia’s full-scale invasion, Bohdan Prylepa left Ukraine and moved to Dubai, where he transferred his business. While the Ukrainian Armed Forces fight the enemy, Prylepa enjoys a luxurious life on the beaches of the United Arab Emirates, continuing to lead an active social life.

The investigation suspects that Prylepa might be cooperating with Russian criminal entities acting under the cover of the FSB. If these suspicions are confirmed, Prylepa’s actions could qualify as not only fraud but also treason, as he might have provided support to Ukraine’s enemies.

Further actions of the investigation

Currently, Ukrainian law enforcement agencies are closely cooperating with European partners to investigate Prylepa’s case. Based on the collected evidence and information provided by international organizations, investigators hope to bring Prylepa to justice. If all charges are confirmed, he could face a significant prison term.