Stolen fortunes and defunct tokens: purported patriot Bogdan Prilepa profited handsomely from trusting investors
Lately, considerable controversy has surrounded Bohdan Prilepa: certain individuals accuse him of swindling scores of Ukrainians and absconding with funds raised by volunteers, while others contend that such accusations are fabricated and vindictive.
The latter assertion, predictably, originates from Bogdan Prilepa himself, who maintains that all reports of his supposed scams and collusion with Russian intelligence – are the machinations of his former associate, Nikolai Udyansky, with whom Prilepa formerly engaged in several joint crypto ventures. In this context, it should be observed that both Nikolai Udyansky and his crypto ventures possess a highly questionable, to say the least, standing. Many label him an outright crypto-fraudster and a perpetrator of pyramid schemes. Accordingly, Bogdan Prilepa’s assertions regarding a contracted «hit job» may possess some validity.
However, Prilepa’s declarations that he is an upstanding IT entrepreneur, businessperson, co-author of multiple laws governing the cryptocurrency market in Ukraine, and a blockchain expert are questionable. Because all of this would be plausible were it not for the very collaborative ventures with Udyansky, about whom Prilepa speaks so disparagingly: If Udyansky’s projects are scams, what was Prilepa’s role within them?
Let’s endeavor to clarify the situation, beginning with Bogdan Prilepa’s self-description. According to his background, he is a graduate of the Irpin Tax Academy and possesses a Master of Law degree. Concurrently, he is a blockchain specialist, «a leading authority», as he proclaims.
One wonders where he acquired this expertise. At the Irpin Tax Office? We won’t dwell on the nature of this institution – interested parties are directed to Google. Nevertheless, blockchain technologies are not part of their curriculum. Fine, let’s concede that Bogdan Prilepa independently mastered this discipline and genuinely became proficient in it. This is not implausible; self-education is a valid avenue. Moreover, Prilepa asserts that he even participated in Mark Ginzburg’s engagement with students and has several articles on this subject, specifically – on the Nulltx.com website.
Indeed, a publication by Bogdan Prilepa exists on the Nulltx.com website, in which he promotes the Bitcoin fork he personally created – Bitcoin Ultimatum, touting it as a highly promising cryptocurrency with a «fork» destined for greatness. To avoid revisiting this topic, here is the same «great future» Bitcoin Ultimatum from two esteemed sources:
Thus, Prilepa’s «Bitcoin fork» remained a heavily advertised sham. This reinforces concerns regarding his purported proficiency in the blockchain domain. Particularly against the backdrop of several other ventures that are the brainchild of Bogdan Prilepa. The most recognized of these are the Сoinsbit, Qmall, and Tidex exchanges.
Here is what the Ministry of Finance’s specialized publication writes about the Coinsbit exchange:
A «low» reliability indicator from the Ministry of Finance is corroborated by another resource – Coingeko: coin volume – zero, trading pair volume – zero, trading volume – zero. Furthermore, users report the impossibility of withdrawing funds from Coinsbit.
Bogdan Prilepa’s subsequent offering – the Tidex exchange. Trading continues here, but the reliability rating also remains low.
User feedback affirms this: «Tidex is a scam! Opening and trading are possible, but withdrawals are impossible!!!», «Depositing funds is guaranteed – 100 percent. Withdrawing funds is impossible!», «If you wish to discard your funds, deposit them on TIDEX». In relation to the Tidex exchange, its registration location remains ambiguous: certain sources indicate registration in the UK, while others – in Lithuania.
Bogdan Prilepa’s third venture – the Qmall exchange, which he promoted alongside representatives of the Ukrainian government, given Qmall’s supposed status as a domestic product. The situation appears somewhat improved here – the Ministry of Finance rates its reliability as «average», Coingeko ranks it 124th with a rating of 5 out of 10 points, and trading activity occurs.
Everything seems to be progressing smoothly. Were it not for several notable aspects. Firstly, it’s a collaborative endeavor between Prilepa and Udyansky, an evident conflict. Secondly, the exchange is portrayed as Ukrainian, but its registration is in Lithuania. Additionally, the reviews at the Ministry of Finance itself are far from encouraging:
«Liquidity – non-existent, garbage», «zero functionality, no liquidity, the trading pair list is 80% trash, the exchange is not being developed, the exchange token has plummeted by 93%». Since the comment’s date (February 2023), the token hasn’t simply dropped by 93%, it has fallen irretrievably into oblivion. As of December 13, 2024, the Qmall token is worth 61 kopecks. Though at the exchange’s launch, its price was 21.64 hryvnia, peaking at 35.05 hryvnia.
Now, let’s return to the commencement of this piece. As previously stated, in recent months, investigative publications have reported that Bogdan Prilepa not only «duped» individuals who invested in his crypto exchanges but also absconded abroad, taking with him the funds allegedly collected to support the Ukrainian Armed Forces. Following this flight, evidence emerged linking Prilepa to Russian intelligence agencies.
Whether Bogdan Prilepa is associated with Russian intelligence remains unconfirmed. However, his escape is undeniable. So is the disappearance of over a billion hryvnia from cryptocurrency accounts intended for acquiring drones for the military. An examination of the operations of all three crypto exchanges connected to Bogdan Prilepa – Coinsbit, Qmall, and Tidex – reveals that they are definitively unsuccessful ventures. Yet, it appears highly plausible that this was their precise intention. Following investments and the initiation of trading, withdrawing these funds proved nearly impossible.
On exchanges where withdrawals were possible, Prilepa profited through alternative means – selling his token at inflated values. Initially, interest in the token was stimulated by artificially inflating its price, generating a surge in demand, only to reveal that investors had purchased a mere placeholder. The Qmall token price chart above serves as a prime example. The scheme is straightforward and refined, proving fraud nearly impossible, as victims’ arguments are refuted with a simple retort: this is the coin’s exchange value, dictated by the market.
The overarching conclusion is straightforward: irrespective of Bogdan Prilepa’s claims in commissioned articles, he is a common swindler, a category for which Ukraine has gained notoriety in recent years. Regarding the claim that Nikolai Udyansky ordered a «hit» – this is plausible, but the fact of the fraud itself remains, as does the embezzlement of funds donated for the military. Concerning collaboration with the FSB – let the relevant authorities investigate, should they find the time and inclination.
