Ukrainian media RBC reported that the National Anti-Corruption Bureau of Ukraine (NABU) and the Anti-Corruption Prosecutor's Office discovered cryptocurrency worth US$1.5 million in the possession of former head of the State Special Communications and Information Protection Service (SSSCIP), Yury Shchigol.

The assets seized this time include 6.9 Bitcoins (approximately US$267,000), $1.2 million USDT, and 331 TRX. NABU stated that these crypto assets have been seized with the support of Ukraine's Supreme Anti-Corruption Court.

Embezzlement of US$1.7 Million

In mid-November, the Ukrainian government announced the dismissal of Yury Shchigol and his deputy, Viktor Zhora, from their positions.

NABU stated that Shchigol and his deputy, Viktor Zhora, are suspected of colluding with two companies between 2020 and 2022. They allegedly bypassed public tenders and made purchases of software and services on behalf of the agency from these companies.

However, they paid an inflated price of 285 million hryvnias (approximately US$7.8 million), whereas the actual cost for these goods and services was only 223 million hryvnias (approximately US$6.1 million). It's claimed that the two individuals pocketed the US$1.7 million price difference.

Ukrainian Public Officials Embrace Crypto

It's worth noting that cryptocurrency is highly popular among public officials in Ukraine.

According to Opendatabot, for the entirety of 2022 and the first ten months of 2023, civil servants filed 972,456 declarations. Among these, 652 officials reported owning cryptocurrency, totaling 46,000 units, with an approximate total value of US$2.67 billion at that time.

Differentiating by department, the public servants with the most cryptocurrency holdings come from the City Council, Ministry of Defense, and National Police, accounting for 11.8%, 8.9%, and 5.8% respectively.

Cryptocurrency is quite popular in Ukraine. For instance, in 2019, Ukrainian government agencies signed a memorandum with the Binance exchange, establishing a channel for Ukrainian currency transactions. Additionally, the Ukrainian government is actively promoting the development of a Central Bank Digital Currency (CBDC).

Just this January, they finalized a partnership with the Stellar Development Foundation (SDF) to advance the construction of the local digital currency infrastructure.

Including appearances by Bitcoin whales, such as Vyacheslav Mishalov, Deputy Chairman of the Dnipro City Council, who held the top position in public officials' Bitcoin holdings for two consecutive years, totaling 18,000 coins, valued at around US$1billion at the time.