Law enforcement authorities have officially served a notice of suspicion to the organizer of the Money 24/7 currency and cryptocurrency exchange network, alleging large-scale misappropriation of client funds. The dynamic stems from ongoing criminal proceedings and recent investigative findings. The suspect, linked in media reports to businessman Andriy Smirnov, faces up to 12 years in prison alongside the potential confiscation of assets.
According to investigators, the perpetrators established a scheme to convert physical cash into digital assets while withholding the promised cryptocurrency. Clients routinely delivered cash to company branches to purchase digital tokens, but the assets were never transferred to their electronic wallets.
To delay victim reports to the police, representatives of the network occasionally fulfilled partial transactions or issued written guarantee notes promising future execution.
During coordinated operations in July, law enforcement officers conducted over 20 searches across seven regions of Ukraine, seizing more than 20 million UAH in physical cash.
“The organizer has been formally notified of suspicion. He faces up to 12 years of imprisonment with asset confiscation.”
The Money 24/7 network has previously drawn scrutiny from journalists and law enforcement agencies. Earlier case files highlighted potential involvement in unauthorized financial operations in occupied territories, double-entry bookkeeping, illicit crypto swaps, and suspected funding of illegal formations.
Following initial enforcement actions in Kyiv, observers documented efforts to rebrand the physical infrastructure: while branch locations remained operational, public documentation transitioned from Money 24/7 to LLC «FC Artem,» accompanied by updated exterior signage. The pre-trial investigation remains active as authorities work to establish the full extent of financial damages and identify additional accomplices.