Ukraine Exposes Crypto Loan Scam Resulting in 5 Million Hryvnias Stolen

Ukraine's law enforcement has uncovered a large-scale online lending scheme that exploited borrowers through high-interest rates and threats.

The operation, known as BitCapital, claimed to offer fast loans in Tether (USDT) cryptocurrency. However, the investigation revealed that the platform effectively turned debts into tools for pressure and extortion.

Between January 2024 and February 2025, the group allegedly issued loans with exorbitant interest rates, amounting to 7% of the loaned sum immediately and an additional 0.6% per day. When borrowers struggled to repay these amounts, they faced intense pressure from the organizers.

The scheme was deemed illegal by the National Bank of Ukraine in February 2025 due to the non-resident company's lack of licensure and registration within the country.