Scam-Or Project is pleased to announce the publication of the comprehensive Rabidi Report, now accessible in PDF format. This in-depth analysis delves into the downfall of Rabidi N.V., a former leading online casino operator, and the rise of its successor, Liernin Enterprises Ltd. The report uncovers concerning patterns of regulatory evasion, financial misconduct, and the opaque disappearance of digital assets—a scenario increasingly prevalent in the digital realm.
Executive Summary: Key Insights from the Rabidi Report
The Rabidi Report reveals the unsettling reality of how a global company, with revenues of several hundred million euros and profits in the millions, can dissolve its assets and vanish from regulatory oversight. The report emphasizes several critical areas:
- Asset Disappearance and Regulatory Evasion: Rabidi N.V., once a prominent entity in the online gambling sector, dissolved its assets through intricate corporate maneuvers involving multiple Cyprus-based entities, such as Tilaros Limited and Tranello Limited. Despite significant revenues and profits, Rabidi N.V. declared bankruptcy in May 2024 and transferred its operations to Liernin Enterprises Ltd., effectively disappearing without fulfilling obligations to creditors and regulators.
- Role of Cyprus-Based Entities: The investigation indicates that Cyprus-based entities managing trademarks and financial transactions hold actual operational control over Rabidi N.V. and Liernin Enterprises Ltd. This structure enables the companies to operate without direct regulatory oversight, utilizing a network of shell companies to obscure fund flows and ownership.
- Connection to the ButOn Group: Evidence suggests that both Rabidi N.V. and its successor, Liernin Enterprises Ltd., are part of a larger scheme orchestrated by the ButOn Group, led by Denys Butko. Through shared trademark ownership and payment processing channels, the ButOn Group appears to have consolidated control over various online gambling operations, utilizing offshore jurisdictions to evade compliance with international regulations.
- Integration of Regulated and Unregulated Payment Processors: The report also uncovers the integration of both regulated and unregulated payment processors to facilitate transactions for Rabidi N.V. and Liernin Enterprises Ltd. This blend of financial channels, including FCA-regulated entities like MiFinity and various crypto payment providers, raises significant concerns about potential money laundering and financial misconduct.
- Anonymity and Cryptocurrency Transactions: Liernin Enterprises Ltd. continues to operate anonymously, accepting direct cryptocurrency payments without appropriate licensing. This strategy not only complicates regulatory oversight but also poses a risk for illicit activities due to the anonymity associated with cryptocurrency transactions.
The Emerging Trend: Disappearing Companies and Digital Assets
The Rabidi N.V. case exemplifies a broader trend where companies and their digital assets—such as websites, domains, and digital products—can vanish overnight. These entities exploit the digital nature of their operations, rapidly dissolving or transferring assets to new jurisdictions with minimal accountability. This pattern presents significant challenges for regulators, financial institutions, and consumers, underscoring the need for more robust regulatory frameworks and international cooperation.
Access the Full Rabidi Report
For a comprehensive understanding of how Rabidi N.V. evaded regulatory oversight and dissolved its assets, we encourage you to download the full Rabidi Report. The report offers a detailed analysis of the company’s operations, financial dealings, and the network of entities involved.
Call to Action for Whistleblowers
Scam-Or Project remains committed to uncovering the truth and promoting transparency in the financial and cyberfinance sectors. We urge anyone with insider information about Rabidi N.V., Liernin Enterprises Ltd., or related entities to come forward. Your insights are invaluable in helping us further develop this report and shed light on these opaque operations. Whistleblowers can submit information confidentially through our secure platform, Whistle42.
By bringing these issues to light, we aim to foster a safer and more transparent online environment for all stakeholders.