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The Keystone of Corruption: Ukraine, the FTX Scandal, PrivatBank, the National Bank of Ukraine and Ihor Kolomoyskyi

-14 Nov 22-

Yesterday’s article entitled The Keystone of Corruption: Ukraine and the FTX Scandal expanded on a mountain of Moonshine work into Ukraine that draws back to 2018 and earlier; even before Moonshine existed and with the work being published at a different website. That article enveloped the FTX scandal that now evidences the now certain Ukrainian money laundering operation that was used to fund the stolen 2022 midterm elections.

Unsurprisingly, the Democratic party was the beneficiary of those funds.

As stated in that succinct article, which is necessary contextual backdrop to what follows,

The corruption is massive and I’ve contended that the Democrats had rigged the global energy sector; not just the one in Ukraine. Moreover, I’ve also contended that the bulk of the corruption is funneling through Ukraine such that it’s serving as the laundering mechanism for it all. That’s what I believe is really happening.Political Moonshine on 01 Jan 20

Political Moonshine on 01 Jan 20

The Moonshine work into Ukraine goes down a primary vector of money laundering operations with the energy sector being the plausible and evidenced conduit. In this exclusive piece from 01 Jun 21 entitled Follow the Money, I wade through a massive but incomplete volume of information and evidence to make the case.

Respective to the timeline and because all of the constructs of enterprise fraud that underpin the deliberate destruction and demolition of the United States – all by design – are reciprocal in their service to one another, we are reminded of illegitimate U.S. President Joe Biden’s highly anomalous, already evidenced and guaranteed to be illegal increase in personal wealth respective to the enterprise fraud construct of the COVID-19 “pandemic.” This is old Moonshine:

We are also reminded of the nebulous nature of all the nexuses representing the lanes and intersections for corruption and crimes that include money laundering operations. This, too, is old Moonshine:

What is not included in the above schematic or broader work, which should be, is PrivatBank: “Established in 1992, AS PrivatBank is a credit institution registered in the Republic of Latvia. Paid-in share capital of AS PrivatBank amounts to 86 349 556 EUR (the decision No. 6-12/38217/1 of the Register of Enterprises of the Republic of Latvia dated 11.03.2016 on registration of the changes in the AS PrivatBank share capital). FCMC license No. for credit institution’s activities issued 31.07.1992.” [SOURCE]

PrivatBank was one of the first banks to introduce digital banking [online] and was the first in the nation to align with Google Pay and Apple Pay [CIA and China.]

According to a press release on PrivatBank’s website, “The Financial and Capital Markets Commission has authorised Industra Bank to take over PrivatBank’s customer services and most of its assets and liabilities. The transition will be implemented on 20 August 2022.” We note that the transfer was complete prior to the elections.

Industra Bank is also Latvian. Industra’s information on the transfer of Ukrainian accounts to it can be found here.

Further untangling the PrivatBank and Industra Bank relationship is left for another time due to time and space limitations and noting that a precursory examination reveals that there is much to examine.

A report from the the U.S. Department of Justice provides critical contextual backdrop for the underlying foundation to everything we are examining including direct overlays in the energy sector as I’ve already examined and indicated. This is the historical backdrop that will envelop the rest and right through to cryptocurrency, FTX, the Democratic Party and the 2022 midterms.

‘Over the past 20 years, Ukraine has experienced a form of development referred to as oligarchic pluralism. Many businessmen who amassed huge fortunes buying up mines and factories privatised cheaply after the fall of the Soviet Union have gone into politics. Oil and gas traders have become ministers or heads of major institutions. Former prime minister Yulia Tymoshenko, a leading figure in the 2004 Orange Revolution who was held up in the West as a martyr when she was imprisoned in 2011, made a fortune in the gas industry. A revolving door has developed between business and politics. Some powerful businessmen have played a more discreet role by financing the campaigns of politicians whom they expect to represent their interests. This system, which became the accepted way of doing things under President Leonid Kuchma (1994-2005), assumes constant reconfiguration shaped by the competing interests of the powerful, and their alliances and feuds…


In acquiring the Odessa refinery, Kurchenko went into competition with Ihor Kolomoyskyi, Ukraine’s third wealthiest man and a major player in the oil market. “The competition was unfair,” journalist Anna Babinets said, “because Kurchenko enjoyed the support of the regime…

In 2016 Ukraine’s international partners supported the decision of the government and the National Bank of Ukraine (NBU) to nationalize PrivatBank, at the request of former owners, as the only effective method of protecting the bank’s depositors – the Ukrainian people and businesses – and the stability of the financial system.

Department of Justice Report citing work from published by Le Monde Diplomatique in April 2014

The U.S. Embassy in Ukraine issued this statement pertaining to PrivatBank on 18 Apr 19 [emphasis added]:

In 2016 Ukraine’s international partners supported the decision of the government and the National Bank of Ukraine (NBU) to nationalize PrivatBank, at the request of former owners, as the only effective method of protecting the bank’s depositors – the Ukrainian people and businesses – and the stability of the financial system. While this required the injection of about UAH 160 billion in Ukrainian taxpayer funds to restore the bank’s solvency, it secured PrivatBank’s long-term viability, safeguarded the money of millions of Ukrainian citizens, and strengthened the country’s economic health. In light of this, we welcome the reform of Privatbank’s corporate governance, led by an independent Supervisory Board, and the transformation of its business model, which has already resulted in stronger performance and sustainability of the entire banking system. We continue to support the efforts of the NBU to reform Ukraine’s financial sector, including by introducing prudent corporate governance principles, and the Ministry of Finance’s efforts to reform corporate governance in state-owned banks. It is important that the authorities continue their efforts to recover losses from former owners and related parties of failed banks. Ukraine’s international partners will be closely monitoring developments in this area.

U.S. Embassy in Ukraine

We latch onto the 2016 timeline.

What do we know about Ukraine relative to this time?

It’s an old Moonshine topic. In 2014 moving into 2015, the Obama White House including the cohort of Joe Biden, Hillary Clinton, John Kerry and Victoria Nuland engaged in a color revolution that aligned with the Azov Battalion, which is a patently neo-Nazi military outfit that is directly enmeshed in the current Russia/Ukraine matter that I’ve written a series of articles on that currently stands at 83 deep. That color revolution went down a political continuum that eventually delivered the current Ukrainian President Volodymyr Zelensky. As long evidenced and contended, he’s their guy.

With PrivatBank nationalized, it becomes an asset of state-ownership for Ukraine. By conducting a color revolution and coup d’etat in Ukraine, the U.S. functionally installed it own point man for Ukraine and PrivatBank. Recall that every Ukrainian president in opposition to Ukraine joining NATO has been promptly dispatched by the U.S. and the Western Empire. The entire series of 83 articles on Ukraine details and evidences this.

This is imperative to understand for several reasons including but not limited to: NATO serving as the agitator and provocateur that continues to encircle Russia thus threatening its sovereignty and national security and Metabiota, which connects the Bidens to U.S. Department of Defense biolabs in Ukraine that directly overlap the enterprise fraud construct of the COVID-19 “pandemic.”

We latch onto the National Bank of Ukraine, Ihor Kolomoyskyi [noting that several iterations of his name are found in the reporting] and PrivatBank and their intricately woven relationships that extend out to others.

Consider the following reporting on Kolomoyskyi and noting the topical and timeline overlays [emphasis added]:

As investigators and authorities now know, one of the most notorious oligarchs out of the former Soviet space oversaw a trans-national money laundering scheme of historic proportions – and used places like Cleveland, in addition to a number of other small towns across the American Midwest, to hide and launder hundreds of millions of dollars.

With no one paying attention, this oligarch, a Ukrainian national named Ihor Kolomoisky, steered one of the biggest Ponzi schemes in world history, and ended up becoming one of the biggest real estate landlords in mid-west America.


Emerging in newly independent Ukraine, Kolomoisky followed a range of other oligarchs around the region, pocketing formerly state-owned enterprises like steel plants to gas wells at fire-sale prices.


By the mid-2010s, Kolomoisky was one of the most powerful figures in Ukraine. The oligarch even grew his portfolio to oversee one of Ukraine’s biggest banks, PrivatBank, refashioning himself as a steward of Ukraine’s finance sector. In the aftermath of Ukraine’s 2014 EuroMaidan Revolution, when Russian troops first began pushing into Ukraine, the oligarch then refashioned himself into a supporter of Ukrainian statehood.


Bankrolling a new militia in central Ukraine, the oligarch said in the third person, ‘A large number of people think Kolomoisky’s great – and the only patriot in the country.’

The Spectator

Who funded the neo-Nazi Azov battalion respective to the aforementioned Ukrainian regime change efforts and the current ongoing matter with Russia?

It was none other than Kolomoyskyi.

More from The Spectator [emphasis added]:

When a new government rose in Kyiv…new reformers swept into power…And when they began looking into PrivatBank’s books…Billions were missing.

Immediately, the government rushed a $5.5-billion bailout to PrivatBank, trying to patch this gaping hole in one of the country’s biggest banks. And then they began looking for the disappeared funds – and discovering the money buried in places they never expected, like Cleveland.

As both Ukrainian investigators and American authorities have detailed, Kolomoisky allegedly oversaw a multi-year, multi-national money laundering scheme meant to loot billions from unsuspecting Ukrainian depositors. On paper, PrivatBank made it seem that a wide range of loans were being fully repaid. In reality, though, those loans never came back to the bank – but instead ended up in entities overseen directly by Kolomoisky. Using shell companies and offshore accounts, much of that money ended up in the US.

The funds ended up in office buildings in Cleveland and Texas. It ended up in steel mills in Kentucky and West Virginia. It ended up in manufacturing plants in Michigan and Illinois. Small towns, steel towns, factory towns – the money Kolomoisky allegedly pilfered ended up drenching blue-collar America.

According to those on the receiving end of the funds, Kolomoisky’s network pledged the money would be used for new investments, for the kinds of economic revitalization the region had long needed. Years later, it was clear that revitalization would never come.

The Spectator

This is why we follow the money. Here, it makes sense to start in Cleveland, Texas, Kentucky, West Virginia, Michigan and Illinois to follow that money upstream and downstream; perhaps to beneficiaries of donations. Perhaps these U.S. beneficiaries – the [shell?] companies and corporations in receipt of Kolomoyskyi’s funding, made donations to the campaigns of Democrats.

I’d like to pull on that entire string but we don’t have the time or space to do it here. We do have time for this published 14 Dec 20: Ukraine Oligarch’s Troubled US Steel Plant Has Been Quietly Mining Bitcoin: Report, “The Kentucky-based CC Metals & Alloys steel plant owned by Ukrainian billionaire Ihor Kolomoisky is mining bitcoin as other activities have stopped, according to a report.” This sets the table for cryptocurrency respective to our broader examination.

Forbe’s summarizes Kolomoyskyi succinctly [1-6 quoted directly from the source]:

  1. With fellow Ukrainian billionaire Henadiy Boholyubov, Ihor Kolomoyskyy founded PrivatBank in the early 1990s.
  2. He served as the governor of his native Dnipro region from March 2014 until March 2015, when he was fired by then-president Petro Poroshenko.
  3. In 2016, Ukraine’s government nationalized PrivatBank, after an investigation suggested large-scale fraud over a period of ten years.
  4. In Dec 2017, the High Court of London ordered a freeze on some $2.5 billion worth of assets held by Kolomoyskyy and Boholyubov.
  5. Kolomoyskyy was sanctioned by the U.S. State Department in March 2021 for corruption under his watch at the Dnipro region.
  6. An ally of President Volodymyr Zelensky, whose “Servant of the People” TV show once ran on Kolomoyskyy’s TV network, Kolomoyskyy has been quiet since Putin invaded.

Vis-a-vis Kolomoyskyi, we latch onto Petro Poroshenko.

Petro Poroshenko was Ukraine’s 5th president serving from 2014-2019 and is a central node to the entirety of Ukrainian matters; including the aforementioned color revolution.

It was the call to Poroshenko that served as the basis for President Trump’s first impeachment once the impeachment was transitioned from fraudulent “Russian collusion.”

It was a call to Poroshenko from Joe Biden when Biden threatened to withhold $1 billion in U.S. aid to the nation if the prosecutor into the Hunter Biden/Burisma matter were not replaced.

Critically, Poroshenko was a proponent of Ukraine’s inclusion in NATO, began the process of Ukraine joining the European Union and from 2007-2012, he headed the Council for the National Bank of Ukraine, which came to oversee the nationalization of PrivatBank. Poroshenko has also previously served as the Ukrainian Minister of Foreign Affairs from 2009-2010, thus putting him in bed with Hillary Clinton, who served as Secretary of State from 2009-2013.

Poroshenko also served as the Minister of Trade and Economic Development in 2012. Reverting back to Follow the Money and the Moonshine energy sector work, this fully envelops the Biden’s and Burisma.

When did the Bidens begin their inroads into Ukraine with Burisma?

It was in 2012 when Poroshenko was the Minister of Trade and Economic Development. It all fell under Poroshenko’s purview. Poroshenko knows where all of the bodies are buried, so to speak. The following images are extracted from the Marco Polo report on the Biden laptop:

As overlapping the Obama/Biden/Clinton/Kerry/Nuland coup d’etat and color revolution in Ukraine that eventually led to Zelensky’s ascension to the Ukrainian presidency, who was it that made that possible? Kolomoyskyi.

Volodymyr Zelensky, Ukraine’s now President, would not be where he is today without Kolomoisky. As an actor and entertainer, Zelensky had worked for Kolomoisky’s media network — which then gave him form support when he stood as a candidate. Zelensky was seen as the Kolomoisky candidate: he appointed one of Kolomoisky’s lawyers as an adviser, and held meetings with the controversial oligarch even as he campaigned as the ‘anti-oligarch’. In early 2021, Zelensky reportedly breached his own Covid lockdown rules to have a birthday party in Kolomoisky’s Kyiv apartment.

The Spectator

As you can see, this deeply enmeshed and entangled rat’s nest is “all in the family.”

With this backdrop under our belts, we extend the examination further into cryptocurrency and then onto the startling revelations detailed in yesterday’s article which are recapitulated by this image.

*Image source

We begin here with this 19 Mar 22 press release:

Ukraine’s largest bank in terms of assets, Privatbank, has prohibited its clients from transferring funds in Ukrainian hryvnia, the national fiat currency, to exchanges trading cryptocurrencies. The temporary ban has been introduced on March 16.

According to a statement, quoted by the crypto news outlet Forklog, the measure stems from a resolution issued by the National Bank of Ukraine (NBU) on Feb. 24, the day when Russia launched its military invasion of the country.

Although it does not specifically mention crypto-related transactions, the document regulates the operation of the banking system under martial law and introduces stricter rules for bank operations. For example, cash withdrawals were limited to 100,000 hryvnia (approx. $3,400) daily and the hryvnia’s exchange rate was fixed.

At the same general time and as indicated in yesterday’s article, FTX enters the picture respective to cryptocurrency, Ukraine and the Russia/Ukraine matter noting the National Bank of Ukraine and its established ties to Poroshenko, Zelensky and by default, Kolomoyskyi:

The Ukrainian government launched a new crypto donations website on Monday, streamlining its multimillion-dollar effort to turn bitcoin into bullets, bandages and other war materiel.

Aid for Ukraine,” which has the backing of crypto exchange FTX, staking platform Everstake and Ukraine’s Kuna exchange, will route donated crypto to the National Bank of Ukraine, Everstake’s Head of Growth Vlad Likhuta told CoinDesk. Ukraine’s crypto-savvy Ministry of Digital Transformation is also involved.

The country’s collective efforts have already raised some $48 million in bitcoin (BTC), DOT, ether (ETH), SOL, tether (USDT) and other cryptocurrencies, according to the website. Other estimates place the amount closer to $100 million, but totals vary with market swings and exactly which websites are included.


A succinct 21-point list recapitulates the findings and enmeshment of FTX as presented in yesterday’s article and now we expand on that with new and augmenting evidence.

Some have questioned the legitimacy of the original claims and work due to a lack of reliable and redundant resources. That hurdle has been cleared. Consider the following from the New York Post respective to FTX and it’s former CEO Sam Bankman-Fried:

Amid all the jubilation and gloating by Joe Biden, Chuck Schumer and pals over the Democrats’ better-than-expected showing in the midterms comes a disturbing story that may explain something about how they won such a curious election.

Biden’s second-biggest donor, cryptocurrency billionaire wunderkind Sam Bankman-Fried, a k a SBF, saw his business file for bankruptcy days after the election, but not before pumping $40 million into the Democratic Party to spend on “get-out-the-vote” and other shadowy ballot-harvesting mechanics for the midterms.


A more unlikely billionaire you could not find — and of course his money was built on thin air. A math genius with poor social skills, SBF reportedly lived in a “polycule” — a polyamorous relationship with multiple people — in a luxury penthouse with about 10 co-workers in the tax haven of the Bahamas, where his collapsed crypto exchange FTX was headquartered.


Now Reuters is reporting that between $1 billion and $2 billion of customer funds have vanished from FTX, conveniently after the Democrats safely spent his money.

At last report, SBF and his mysterious co-founder, Gary Wang, were being held “under supervision” by Bahamian authorities after reportedly planning to flee to Dubai, according to fintech publication Cointelegraph.


He was the most famous millennial adherent of a cult known as “Effective Altruism,” which originated at Oxford University, found fertile ground in Silicon Valley — and now has gone down in flames along with him.

EA is a disguised form of socialism, because all the “good” that is done just happens to match up perfectly with the left’s obsessions, whether climate change, social justice, equity, banning meat or his favorite, “pandemic preparedness.”


SBF certainly “impacted” the midterms, funneling his millions into the Democratic National Committee and Democrat-friendly PACs such as Protect Our Future and Guarding Against Pandemics.

He donated to committees aligned with Nancy Pelosi and Chuck Schumer to help Democrats win races.

He lavished his largesse on “pro-crypto Democrats” like New York Sen. Kirsten Gillibrand, who was sponsoring a bill to lock the Securities and Exchange Commission out of regulating the crypto market.

He also visited the White House, meeting with top Biden adviser Steve Ricchetti on April 22 and May 12, according to the Washington Free Beacon.

No wonder the Biden administration has been weak on regulating the crypto market. It was the goose that laid the golden egg.


The sinister neo-socialists at the World Economic Forum (WEF) loved SBF so much, they made FTX a “corporate partner” — but that page on the WEF website has vanished in the last 48 hours, leaving an error message.

Venture capital firm Sequoia was a big backer, investing over $200 million in SBF, a lot of which he then invested back in Sequoia, whose chairman and managing partner Michael Moritz is a big donor to the Dems as well as to anti-Trump hate group the Lincoln Project, and reportedly is a neighbor of Nancy Pelosi in San Francisco.

FTX founder Sam Bankman-Fried in the Bahamas as customers’ billions go missing in company collapse

Six weeks ago, Sequoia hired a freelance writer, Adam Fisher, to write a puff piece on SBF, depicting him as a “future trillionaire …  I don’t know how I know, I just do. SBF is a winner … I couldn’t shake the feeling that this guy is actually as selfless as he claims to be.”

The article, which was replaced on Sequoia’s website over the weekend with a somber note to investors, describes how SBF wowed Seqouia’s partners into giving him $1 billion during a Zoom meeting throughout which he played multiplayer online video game League of Legends.

The New York Post

Pause for a second and scroll back up to the second Moonshine graphic at the top. Do you see Sequoia? Like I said, a rat’s nest.

The Reuters article referenced by the NYP summarizes Bankman-Fried in already familiar and evidenced fashion [1-5 is quoted directly from the article]:

  1. FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda – sources
  2. Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda – sources
  3. Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources
  4. Executives set up book-keeping “back door” that thwarted red flags – sources
  5. Whereabouts of missing funds is unknown – sources

It’s clear for Americans to see if they will simply remove their heads from places the sun does not shine:

  1. A pandemic was faked to steal an election
  2. An election was stolen to remove a sitting U.S. president
  3. A second election was stolen to preserve power
  4. A plan is being executed to systematically destruct and destroy the United States [Cloward-Piven]

Clear evidence now indicates that a manipulated, doughboy, nerd who is clearly on the spectrum for autism, Asperger’s or something similar, has ripped off countless innocent and perhaps not so innocent people to fund America’s destruction with a money laundering operation threading through one of two epicenters of Joe Biden’s corruption – Ukraine – and right into the pockets of Democrats and traitors. And it appears to all be made possible, at least in-part, by someone few people know about: Ukrainian oligarch Ihor Kolomoyskyi.

Moonshine had Ukraine exclusively dialed on money laundering drawing back to no later than 2018. We’ll continue to report on this story as it continues to develop.

*Thank you to members of Marco Polo for their contributions to this article.



  1. […] The analysis at Moonshine includes an entire years-long series dedicated to the global hub of corruption and money laundering – Ukraine. It’s entitled THE KEYSTONE OF CORRUPTION. Within that body of analysis is the exclusive and detailed examination of Sam Bankman-Fried and the FTX scandal, for which I took exclusive and evidenced positions to be discussed below. The complete list of articles from that series is provided below to support our positions here. Readers are left to their own to frame the contextual backdrop for these developments, and this article is considered required reading: The Keystone of Corruption: Ukraine, the FTX Scandal, PrivatBank, the National Bank of Ukraine and I… [on Substack]. […]

  2. […] The analysis at Moonshine includes an entire years-long series dedicated to the global hub of corruption and money laundering – Ukraine. It’s entitled THE KEYSTONE OF CORRUPTION. Within that body of analysis is the exclusive and detailed examination of Sam Bankman-Fried and the FTX scandal, for which I took exclusive and evidenced positions to be discussed below. The complete list of articles from that series is provided below to support our positions here. Readers are left to their own to frame the contextual backdrop for these developments, and this article is considered required reading: The Keystone of Corruption: Ukraine, the FTX Scandal, PrivatBank, the National Bank of Ukraine and I… [on Substack]. […]

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