The National Anti-corruption Bureau (NABU) of Ukraine and the Specialized Anti-corruption Prosecutors Office (SAPO) have<a href="https://nabu.gov.ua/news/zavolod-nnia-62-mln-grn-pri-zakup-vl-programnogo-zabezpechennia-p-dozriu-t-sia-ker-vnitctvo-derzhspetczviazku/" rel="noopener noreferrer nofollow"> recently uncovered a case</a> involving Yury Shchigol, the former chief of Ukraine’s special communication service, and his associates, who stand accused of embezzling $1.5 million in crypto public funds.
The investigation revealed that Yury and his deputy, Victor Zhor, allegedly purchased equipment and software from two unidentified companies, overpaying them significantly. Although the actual value of the software was 223 million hryvnias ($6.1 million), Yury and his group disbursed 285 million hryvnias ($7.8 million), pocketing the excess amount of 62 million hryvnias.
<h2 id="b-yury-shchigol-under-investigation-for-its-crime-b">Yury Shchigol Under Investigation for its Crime</h2>
In response to these findings, the agency has seized crypto assets, including 6.9 BTC, 1.2 million USDT, and 331 TRX, all belonging to Shchigol. Currently, Yury is undergoing investigation for the alleged misappropriation of government funds totaling around $1.8 million.
However, the case underscores the misuse of public resources and highlights the authorities’ commitment to tackling corruption within the country. Also, the focus of the investigation revolves around the inflated payments made for software and services, shedding light on the corrupt practices within the special communication service.
<h2 id="b-ukraine-s-agency-to-combat-financial-misconduct-b">Ukraine’s Agency to Combat Financial Misconduct</h2>
Likewise, the facial maneuvers executed by Shchigol and his group not only resulted in an illicit gain but also raised concerns about the transparency and integrity of government transactions.
This revelation is part of broader efforts by Ukrainian anti-corruption agencies to combat financial misconduct and ensure accountability with public institutions.
As the investigation unfolds, the legal process will determine the culpability of those involved in the misappropriation of funds. However, Victor Zhor was arrested a few days ago, <a href="https://www.rbc.ua/ukr/news/sud-areshtuvav-kriptovalyutu-ku-znayshli-1701361908.html" rel="noopener noreferrer nofollow">according to a report from the Ukrainian news agency</a>.
<h2 id="b-ukraine-crypto-donations-soar-b">Ukraine Crypto Donations Soar</h2>
As previously reported <a href="https://thecoinrise.com/ukraine-has-raised-70m-in-crypto-since-the-start-of-russian-aggression/" rel="noopener noreferrer nofollow">Ukraine has received over $70 million in crypto</a>&nbsp;giving the country money for military hardware and humanitarian aid since the beginning of its conflict with Russia. The bulk of this fund was in the form of Ether, Bitcoin, and Non-Fungible Tokens (NFTs) and some % of the nation’s suppliers accepted payments in crypto.
Even while the market was on a steady decline Alex Bornyakov, Ukraine’s minister of digital transformation <a href="https://thecoinrise.com/official-says-crypto-literally-saved-the-lives-of-soldiers-in-ukraine/" rel="noopener noreferrer nofollow">affirmed that crypto has become an essential tool in the defense of the nation</a> as it offered a solution when limitations were put on the Ukrainian banking system and it saved the lives of its soldiers.
The post <a href="https://thecoinrise.com/ukraine-seizes-1-5m-in-crypto-assets-from-top-public-officer/" rel="noopener noreferrer nofollow">Ukraine Seizes $1.5M in Crypto Assets from Top Public Officer</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Ukraine Seizes $1.5M in Crypto Assets from Top Public Officer

Table of Contents

TheCoinrise Media

Other articles published on Dec 2, 2023

DigiTrans Asia 2024: Navigating the Digital Horizon in Southeast Asia

Crypto Whistleblower Sparks Legal Showdown as SEC Accuses Terra and Do Kwon of Fraud

Weekly Project Updates: Starknet Snapshot Deadline Reached, Cosmos Fork Proposal, Launch of Chain...

Lightning Cat AI to Reshape Smart Contract Vulnerability Detection

KyberSwap to Compensate Users Affected by Hack with Treasury Grants

Bitcoin Price Approaching $40,000: What Will Be the Next Target?

Join our free newsletter for daily crypto updates!