Bohdan Prylepa, owner of the cryptocurrency exchanges Coinsbit, Qmall, Tidex, and Godbit, has been declared wanted by Ukrainian authorities on suspicion of large-scale fraud and misappropriation of client funds totaling over one billion hryvnias. Among the victims are citizens of several European countries, with the stolen money reportedly intended for the purchase of drones for the Ukrainian Armed Forces. Ukrainian investigators are currently working with European colleagues, whilePrylepa is believed to be hiding in Dubai.
Ukrainian law enforcement has issued a warrant for Bohdan Prylepa, the owner of cryptocurrency exchanges Coinsbit, Qmall, Tidex, and Godbit. He is accused of large-scale fraud involving the misappropriation of over one billion hryvnias, funds that were supposed to support the Ukrainian Armed Forces by financing the purchase of drones. According to recent information, Prylepa’s actions have affected not only Ukrainians but also hundreds of individuals from Germany, Poland, and other European countries.
Prylepa is also suspected of fraud and manipulation of cryptocurrency assets on his exchanges. For example, Tidex and Coinsbit have already been labeled as "scam projects" on the international website CoinGecko due to their failure to pay clients. It is expected that Patex, another exchange where Prylepa raised $8 million from investors, could face a similar fate.
"Hundreds of people in Europe have suffered due to non-payments on Coinsbit and Tidex. The total unpaid amounts reach tens of thousands of dollars," investigators report.
Prylepa, together with his associates, including Pavlo Shydlovskyi and Andriy Saranenko, set up a complex scheme to siphon off clients’ funds to external accounts. One of the instruments used for this was the sale of "fake" shares in Acura Capital, through which Prylepa attracted investments totaling $8 million.
Fraud Schemes and the Arrest of Associates
Ukrainian investigators have also turned their attention to other members of Prylepa's team, including Saranenko, Shydlovskyi, Ivanov, Pidpletko, Mazolyuk, and Vorobiov. They reportedly assisted in blocking clients’ accounts on cryptocurrency exchanges and transferring the funds to offshore accounts for personal enrichment. For instance, the CEO of Godbit was arrested for manipulating the price of the cryptocurrency NOTAI, which dramatically lost its value following the arrest of Prylepa’s associate.
Fleeing to Dubai and Possible Ties with Russian Organizations
After the full-scale invasion of Ukraine by Russia, Bohdan Prylepa left the country and relocated to Dubai, moving his businesses there as well. While Ukrainian soldiers fight to defend their country, Prylepa has been enjoying a luxurious lifestyle on the beaches of the UAE, frequently sharing photos on social media.
The investigation suspects that Prylepa may be collaborating with Russian criminal organizations operating under the auspices of the FSB. If these suspicions are confirmed, Prylepa’s actions could be classified not only as fraud but also as treason, as he may have provided assistance to Ukraine’s enemies.
Next Steps in the Investigation
Ukrainian law enforcement is actively cooperating with European partners to investigate Prylepa’s case. Based on the evidence gathered and information provided by international organizations, investigators hope to bring Prylepa to justice. If all charges are proven, the "crypto-oligarch" faces a significant prison sentence.
The investigation is ongoing, and Prylepa’s cryptocurrency fraud serves as a reminder of the risks involved in investing in unverified platforms.
