Ukraine's ARMA Bags Its First $8.3M USDT Haul — Hackers' Stablecoins Now Sit in a State Wallet

Ukraine has placed more than $8.3 million in seized cryptocurrency under state management for the first time, transferring USDT worth over 372 million Ukrainian hryvnias into a wallet controlled by the National Agency for Finding, Tracing and Management of Assets, known as ARMA, the Prosecutor General's Office said in a Telegram statement. "This is the first case when seized crypto assets have actually been transferred to the management of the state," the office said. The USDT came from wallets controlled by an alleged member of an international hacking group that the State Bureau of Investigation says launched cyberattacks on individuals and companies across Europe and the United States, stole confidential data, demanded ransoms, and laundered proceeds in Ukraine by buying real estate, cars, and other high-value property. Prosecutors estimated damages from the group's activities at more than $100 million. Four suspects, including the alleged organizer, are in custody, with total seizures in the case exceeding $11.1 million, including homes, vehicles, $1 million in cash, and the crypto now held by ARMA.

The transfer follows a 2025 overhaul of ARMA, a long-criticized agency that had blocked hundreds of millions of euros in European Union support until reforms added independent audits and tighter oversight of seized-asset management. The move stops short of confiscation, which requires a court conviction, and the agency currently holds the assets rather than owning them. USDT, the largest stablecoin by market capitalization, trades close to its dollar peg near $1, though the token is centrally controlled by Tether, which can freeze holdings at law enforcement requests. Ukraine has not stated whether it will sell or retain the USDT.

The milestone arrives as Ukraine, ranked fourth in Europe by crypto transaction volume with $206.3 billion received between mid-2024 and mid-2025 according to Chainalysis, formalizes its approach to digital assets. Public officials hold some $2.8 billion in Bitcoin, and local media reported last year that the country explored setting up a strategic crypto reserve. Ukraine legalized virtual assets in 2022 and is advancing a bill to tax and regulate the market along European Union lines, part of Kyiv's bid for EU membership; parliament passed the measure in a first reading last year.

A report from the UK-based Royal United Services Institute estimated Ukraine could recover at least $10 billion in stolen funds and lost tax revenue by tightening its crypto rules, warning that weak oversight, particularly around over-the-counter activity, risks further erosion of the country's finances and security. ARMA's first handoff of digital assets signals an operational test of that framework as additional cases proceed through the courts.