Ukrainian authorities have arrested a 35-year-old man from the Poltava region, accusing him of orchestrating a major cryptojacking operation targeting an international server hosting company.
According to a statement released by Ukraine’s National Police on June 4, the suspect allegedly breached more than 5,000 customer accounts to mine cryptocurrency illicitly since at least 2018.
🚨 Crypto Flash News
📉 Ukrainian police have arrested a man suspected of hacking into international company servers to illegally mine cryptocurrency.#CryptoNews #CyberCrime #Mining #UEEx #BlockchainSecurity pic.twitter.com/giCSSEOWBK
— UEEx (@UEEx_official) June 5, 2025
Police say the accused exploited vulnerabilities in the online security systems of various international firms. He allegedly gained unauthorized access to the hosting company’s servers, which are rented by businesses to operate websites and online platforms. Once inside, he deployed virtual machines and crypto mining software—actions that fall under the definition of cryptojacking, where hackers use someone else’s computing resources to mine digital assets without permission.
Investigators estimate the hosting company suffered losses exceeding 185 million Ukrainian hryvnias (about $4.4 million) due to the unauthorized use of their infrastructure.
During a search of the suspect’s residence, police seized computer equipment, mobile phones, bank cards, and other items. They also found evidence of his activity on hacker forums, as well as data related to email accounts, crypto wallets, and software used for managing mining operations and remotely controlling compromised devices.
Authorities allege the man frequently changed his address across multiple Ukrainian regions—including Poltava, Odesa, Zaporizhia, and Dnipropetrovsk—to avoid detection.
The suspect faces charges for unauthorized interference with electronic information and communication networks, potentially resulting in up to 15 years in prison and a three-year ban from IT and communications jobs. The investigation is ongoing, with the possibility of additional charges. The case highlights the ongoing threat of cryptojacking, where cybercriminals misuse server resources for personal benefit.
Meanwhile, Ukraine is planning a national strategic Bitcoin reserve, reflecting progress in its cryptocurrency sector. Yaroslav Zhelezniak, First Deputy Chairman of the Verkhovna Rada Committee on Finance, announced that a draft law for this reserve is almost complete and will be submitted soon, marking a step towards integrating cryptocurrency into national financial planning.
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