Ukraine is yet to comprehensively regulate its crypto space.
Konstantin Galich, a prominent Ukrainian crypto investor and influencer, has been found dead in Kyiv, with authorities suspecting suicide amid the recent market crash.
The 32-year-old man, also known as Kostya Kudo, had a significant number of followers on social media, with whom he often shared insights on major cryptocurrencies and tokens.
Ukrainian police investigating possible suicide
Galich was found inside his Lamborghini Urus in Kyiv’s Obolonskyi district on Saturday, with a gunshot wound to the head, according to local and foreign media reports.
In a Telegram post published the same day, police in the Ukrainian capital revealed they also found a firearm registered under his name next to his body.
Investigators are now working to clarify all circumstances surrounding the young man’s death, with particular focus on establishing whether it was self-inflicted or caused by someone else.
Criminal proceedings have been initiated under part 1 of Article 115 of the Criminal Code of Ukraine – intentional murder with an additional note “suicide,” the press release detailed.
Ukrainian law enforcement officials indicated they are aware that “the deceased is an entrepreneur and blogger whose activities were related to cryptocurrency.”
The police announcement, which featured photos of forensic experts working on the scene, also noted:
“On the eve of his death, the man informed his relatives about his depressed state due to existing financial difficulties, and also sent them a farewell message.”
“Konstantin Kudo tragically passed away. The cause is being determined,” reads a short message posted on Galich’s own Telegram channel, promising the keep subscribers updated on future news.
Later, the channel’s administrators thanked everyone who expressed support. “This is important for family, colleagues and friends,” the post emphasized.
Recent crypto crash may have caused trader’s death
Konstantin Galich was a popular figure not just in Ukraine’s growing cryptocurrency space, but the global community as well.
He was a co-founder of the Cryptology Key academy, an educational platform for coin trading, where he provided analysis and advice to investors.
The crypto influencer was active on both Telegram and YouTube, discussing trends and trading psychology on his channels, Bits.media wrote in a report on Monday.
Kostya Kudo was also known for his lavish lifestyle, owning a 2023 Ferrari 296 GTB, besides the 2020 Lamborghini Urus, added the Russian crypto news outlet.
His death coincided with a major crash in the crypto market, with traders liquidating positions for nearly $20 billion, surpassing previous collapses and taking the price of Bitcoin (BTC) below 110,000 on October 11, the day Galich was found dead.
The panic sale was triggered following U.S. President Donald Trump’s announcement of 100% tariff on Chinese imports, Fox Business remarked in a report on the case with the Ukrainian trader.
Ukraine is yet to properly regulate its cryptocurrency sector
Kudo’s native Ukraine has ranked among the world’s leading crypto adopters in the past few years, with crypto usage spiking significantly after the country’s central bank imposed fiat currency restrictions under martial law to prevent capital flight.
According to a recent study by the European Bank for Reconstruction and Development (EBRD), Ukrainians bought around $1 billion worth of cryptocurrency in a single year.
The authorities in Kyiv made their first attempt to regulate the crypto space right before Russia launched its full-scale military invasion in early 2022, and the war postponed these efforts.
In September of this year, the Verkhovna Rada, Ukraine’s unicameral parliament, approved on first reading a bill “On Virtual Asset Markets,” as reported by Cryptopolitan.
The legislation is designed to comprehensively regulate crypto-related matters, including investment and the taxation of income and profits from trading.
Get $50 free to trade crypto when you sign up to Bybit now
