Two colonels in Ukraine's National Police are facing criminal allegations that they ran a violent extortion ring targeting crypto entrepreneurs, Ukrainian prosecutors said this week. The officers are accused of tracking, abducting, and holding victims at gunpoint in an effort to squeeze millions of dollars from them.
The alleged scheme
According to the prosecution, the colonels organized a system to identify wealthy crypto entrepreneurs, then physically seize them. The alleged crimes include kidnapping at gunpoint and demanding large ransom-like payments. The scheme was aimed at extorting millions of dollars, prosecutors claim. The victims were held until they or their associates wired digital assets or cash, though specific amounts have not been detailed.
Who the colonels are
The two accused are colonels in Ukraine's National Police. Their names have not been publicly released pending formal charges. The case highlights how law enforcement officers themselves can become perpetrators in the crypto space, where large digital fortunes are often held by individuals who may be reluctant to involve authorities. Ukraine has a thriving crypto scene, but trust between entrepreneurs and police has been fragile.
The colonels are expected to appear in a Kyiv court in the coming weeks. If convicted, they face long prison terms. Prosecutors have not yet said whether other officers were involved. The case also raises questions about the safety of crypto entrepreneurs in Ukraine, a country that has embraced digital assets despite the ongoing war. For now, the investigation remains open.
