Bohdan Prylepa and his shady cryptocurrency schemes: how he profited from clients and evades justice
Bohdan Prylepa, the owner of cryptocurrency exchanges Coinsbit, Qmall, and several other platforms, has been declared wanted in Ukraine on suspicion of large-scale fraud and embezzlement of clients’ funds exceeding one billion hryvnias.
Among the victims are citizens of several European countries, and the withdrawn funds were reportedly meant to be used for purchasing drones for the Ukrainian Armed Forces. Currently, Ukrainian investigators are cooperating with their European counterparts, while Prylepa is hiding in Dubai.
Ukrainian law enforcement agencies have announced Bohdan Prylepa, the owner of cryptocurrency exchanges Coinsbit, Qmall, Tidex, and Godbit, as wanted. He is accused of large-scale fraud involving the misappropriation of over a billion hryvnias, which were intended to support the Ukrainian Armed Forces, particularly for drone purchases. According to the latest data, the victims of Prylepa’s actions include not only Ukrainians but also hundreds of people from Germany, Poland, and other European countries.
Prylepa is also suspected of fraud and manipulations with cryptocurrency assets on his exchanges. For example, platforms Tidex and Coinsbit have already been declared "scam projects" on the international site CoinGecko due to non-payments to clients. It is expected that a similar situation might affect the Patex exchange, where Prylepa has gathered 8 million dollars from investors.
"Due to non-payments on Coinsbit and Tidex, hundreds of people in Europe have suffered. The total amounts that have not been returned to clients reach tens of thousands of dollars," investigators note.
Prylepa, along with his accomplices including Pavlo Shydlovskyi and Andriy Saranenko, organized a complex scheme for diverting clients’ funds to external accounts. One of the tools for this was the sale of "empty" shares of Acura Capital, with which Prylepa attracted investments amounting to 8 million dollars.
Fraud schemes and arrests of accomplices
The Ukrainian investigation has also shown interest in other members of Prylepa’s team, including Saranenko, Shydlovskyi, Ivanov, Podpletko, Mazolyuk, and Vorobyov. They helped to block the accounts of cryptocurrency exchange clients and transferred funds to dummy accounts for personal enrichment. In particular, the general director of the Godbit exchange was arrested for manipulations with the NOTAI cryptocurrency, which sharply lost value after the arrest of Prylepa’s companion.
Escape to Dubai and possible ties with Russian entities
After the outbreak of a full-scale conflict in Ukraine, Bohdan Prilepa left the country and moved to Dubai, where he moved his business.While the Ukrainian Armed Forces fight the enemy, Prylepa enjoys a luxurious life on the beaches of the United Arab Emirates, continuing to lead an active social life.
The investigation suspects that Prylepa might be cooperating with Russian criminal entities acting under the cover of the FSB. If these suspicions are confirmed, Prylepa’s actions could qualify as not only fraud but also treason, as he might have provided support to Ukraine’s enemies.
Further actions of the investigation
Currently, Ukrainian law enforcement agencies are closely cooperating with European partners to investigate Prylepa’s case. Based on the collected evidence and information provided by international organizations, investigators hope to bring Prylepa to justice. If all charges are confirmed, he could face a significant prison term.