Corruption In Ukraine: Crypto Worth $1.5 Million Confiscated From Former Gov’t Official


The National Anti-Corruption Bureau of Ukraine intercepted cryptocurrency valued at over $1.5 million from Yuriy Schigol, the former head of the nation’s State Special Communications Service, on Friday.

This firm move is a component of Ukraine’s stepped-up efforts to combat corruption in its political system.

The former government official’s cryptocurrency holdings, which included Tether (USDT), TRON (TRX), and Bitcoin (BTC), were seized in response to accusations of embezzlement and money laundering.

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Illicit Software Deals

The Special Communications Service, which facilitates contact between government agencies, bought software and services from two companies and compensated them, according to the NABU, which accused Shchigol and his deputy, Victor Zhor, of being involved in a criminal conspiracy.

The purchases were made behind closed doors to prevent an open bidding process.

Underscoring the legal rigor with which Ukraine is addressing issues of state corruption, the Supreme Anti-Corruption Court of Ukraine offered judicial support for this operation.

This incident emphasizes how adept Ukrainian authorities are becoming at combating corruption associated with digital assets, highlighting how crucial transparency is to government business.

 Total crypto market cap at $1.42 trillion on the daily chart: TradingView.com

In an era where digital transactions are dominating more and more, Ukraine’s commitment to eliminating corruption is essential to upholding public confidence and guaranteeing the moral use of public funds.

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Ukraine Cybercrime Crackdown

Police in Ukraine apprehended a criminal in 2020 on suspicion of selling personal information, including details about cryptocurrency wallets. Police raided and detained four Ukrainian citizens two years prior for running a phony cryptocurrency exchange.

In 2021, several civil personnel revealed holdings of 46,351 Bitcoin, worth $2.7 billion at the time. Remarkably, a 19-year-old local legislator who happens to be the son of two members of the national parliament disclosed to have $24.6 million in Monero (XMR) holdings.

Meanwhile, 14 Ukrainian officials have finished an advanced course on investigating offenses using digital currency in order to strengthen their oversight over the industry in the wake of a surge in cybercrime.

The Organization for Security and Co-operation in Europe (OSCE) created the course with the intention of improving the abilities of particular Ukrainian authorities.

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The OSCE said that participants in the seminar were trained on cutting-edge instruments needed to look into crimes using digital currency.

The OSCE has already provided advanced digital asset training to Ukrainian officials, and it has hinted at additional courses in the upcoming months.

Prior training sessions have yielded successes against unscrupulous individuals in the business. For example, Ukrainian authorities collaborated with Tether, a stablecoin provider, to block addresses linked to terrorist activities.

Featured image from Shutterstock

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Author: Christian Encila


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