Two Former Ukrainian Police Officers Allegedly Kidnap Crypto Entrepreneur, Extort Over $2.2 Million

May 30 – Ukraine’s prosecutor general’s office has wrapped up an investigation into a brutal scheme targeting cryptocurrency industry professionals. Prosecutors say two former Ukrainian police colonels are accused of leading a criminal ring that illegally extorted roughly $2.2 million from multiple crypto entrepreneurs, using kidnapping, unlawful detention, and coercion. The probe found the group comprised four former law enforcement officers and one civilian with a prior criminal record. They leveraged their police experience, official vehicles, and encrypted communication tools to carry out the crimes. Victims included at least four crypto industry figures: they were tracked down, kidnapped at gunpoint, and forced to either surrender funds or sign fake debt documents. In one instance, a victim was abducted at gunpoint in Kyiv, forced to sign a fraudulent $5 million debt agreement, and moved between several secret detention sites. Prosecutors note the ring was taken down in November 2025: all involved personnel have been fired from their positions, and the case is now headed to trial. Crypto-related violent extortion attacks are on the rise globally, per new security data. Blockchain firm CertiK reports there were 72 confirmed cases of crypto-focused violence for extortion worldwide in 2025 – a 75% jump from the previous year – with total losses exceeding $40.9 million. France has recorded 135 crypto-linked violent incidents since 2023, and as of April this year, 88 suspects have been prosecuted.