24.3 C
New York

Court seizes over $1 million in crypto assets from former state communications head

Published:

Court seizes over  million in crypto assets from former state communications head

Ukraine’s High Anti-Corruption Court (HACC) has ordered the seizure of cryptocurrencies totaling $1.5 million from Yurii Shchyhol, the former head of the State Special Communications Service, the court announced on Nov. 30.

The court order comes amid an ongoing investigation into Shchyhol for embezzlement of public funds intended for a data registry system.

Shchyhol, along with five others, is accused of embezzling $1.7 million in state funds for the purchase of equipment and software between 2020 and 2022.

HACC announced the seizure of $1.2 million of the Tether USDT cryptocurrency, and $275,000 worth of Bitcoin. Additionally, $72,000 and €82,000 in cash were found in Shchyhol’s possession during a search of his property.

Shchyhol was detained on Nov. 23 but released from custody on a Hr 25 million ($693,000) bail one day later. The government previously dismissed Shchyhol from his post on Nov. 20.

Ukraine’s ongoing battle against corruption remains prominently in the public eye, aligning with one of the seven criteria recommended by the European Commission for the nation’s integration.

Ukraine has made some progress in rooting out corruption since the start of Russia’s invasion. A recent report on the start of Ukraine’s EU accession talks revealed that Ukraine is on track to double the number of indictments on corruption charges from previous years.

Read also: Ukraine war latest: Zelensky visits Kharkiv, Zaporizhzhia oblasts as harsh winter looms on front line

We’ve been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.

Related articles

Recent articles

spot_img