US trade regulator accuses billion dollar Ukrainian IT giant of fraud (opens original article in a new tab)

U.S. trade regulator sued Ukrainian IT company Genesis Tech for fraud, alleging deceptive subscription practices and use of shell companies to hide operations and generate $250 million in revenue.

• U.S. FTC filed a lawsuit against Ukrainian IT firm Genesis Tech for deceptive subscription schemes
• FTC claims Genesis Tech used shell companies in Cyprus and Delaware to hide operations and avoid fraud monitoring
• FTC alleges Genesis Tech generated $250 million in revenue from deceptive products between 2023 and 2025