A billion-dollar scam: how Bohdan Prylepa used crypto exchanges to steal funds from the military
The dealer who embezzled a billion from the military and is likely connected to the FSB foolishly thinks he’s invulnerable.
Bohdan Prylepa, who is known within niche circles as the CEO of cryptocurrency exchanges Coinsbit and Qmall, has become the focal point of a major scandal. This time, his name is associated not with business accomplishments, but with his role as the key suspect in a massive crypto fraud. Reports suggest that this "entrepreneur" misappropriated a billion hryvnias intended for the purchase of drones for the Ukrainian Armed Forces.
On top of this, investigators are considering his ties to Russian intelligence, particularly the FSB.
Cryptocurrency as a front for fraud
Prilepa is no newcomer to the cryptocurrency business. In 2018, he became the Chief Technical Officer at the cryptocurrency exchange Coinsbit, and later took on the role of CEO at Qmall. Behind this respectable facade, as law enforcement found out, was a real scheme for siphoning off funds. Everything looked "beautiful" and "legal" until it was revealed that the money raised for drones for Ukrainian defenders ended up in the pockets of Prylepa and his associates.
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Fugitive in Dubai
When Russia’s full-scale invasion began, Prylepa didn’t think twice before fleeing from Ukraine to Dubai, where he relocated his IT companies. While Ukrainian defenders are fighting for their country, Prylepa is enjoying a luxurious life on the beaches of the UAE, not forgetting to post photos on social media. But at the end of 2023, it became known that clients of his cryptocurrency exchanges began to massively complain about blocked funds. The amounts ranged from $300 to $30,000 — and this is only what became known to journalists.
SSU searches and the role of accomplices
While Prylepa is hiding in Dubai, the SSU is not sitting idle. In the framework of investigating the billion-dollar scam case, searches were conducted in Kyiv and other cities, where a number of documents and digital media were found, confirming Prylepa’s involvement in the scheme. Additionally, his accomplices came under the investigators’ scrutiny: Saranenko, Shidlovskyi, Ivanov, Podpletko, Mazolyuk, and Vorobyov. These people helped block users’ funds on the cryptocurrency exchanges and transfer them to external accounts for personal enrichment.
According to the investigation, each of them had their tasks in the criminal scheme: from technical support to financial manipulations. It is suspected that this group operated under clear instructions from Prylepa, while Prylepa himself was outside of Ukraine.
What about the FSB?
The most interesting part is that behind all these machinations there is not only money. Insiders report that after moving to the UAE, Prilepa established connections with Russian criminal structures operating under the cover of the FSB. This strengthens suspicions that Prylepa’s actions were not only fraudulent but could also be considered treason, as he was essentially helping Ukraine’s enemies.
What’s next?
The investigation is currently ongoing, and Ukrainian law enforcement is closely cooperating with their European counterparts. In addition to the evidence found during searches, international organizations have also joined the investigation into Prylepa’s activities. If all charges are confirmed, our "crypto oligarch" risks not only a life sentence but also becoming a symbol of cynicism during wartime.
Prilepa sits in Dubai, thinking he has caught God by the beard because the UAE does not extradite him to Ukraine, but there are real Ukrainian professionals with left-hand threads for every cunning Prylepa, as Judge Chaus and many other citizens can authoritatively confirm. Therefore, the only chance for Prylepa today is to donate the stolen billion to the Armed Forces of Ukraine to the accounts he knows very well. Every day of delay means the lives of Ukrainian heroes who will not get the drones because the money for them was stolen by a 150-kilogram entity lying on the beach in Dubai.
Nadezhda Denskaya