Key Collaboration: Dream Hill and CryptoProcessing On September 19, 2024, the Cyprus-based real estate developer Dream Hill announced its partnership with CryptoProcessing by CoinsPaid to enable cryptocurrency payments for property purchases. While this marks a significant step toward integrating crypto in real estate transactions, it raises concerns due to CryptoProcessing’s controversial involvement in high-risk sectors, including illegal online casinos. Key Points: Background: CoinsPaid and CryptoProcessing Network Dream Hill’s new crypto payments partner, CryptoProcessing, is part of a network operated by Ukrainian CEO Max Krupyshev and Austrian Alexander Horst Riedinger. The entities include: Legal Entities: Interestingly, the name “Dream” also appears…
Author: Tom
Praxis Partners With SoftSwiss On August 18, 2022, the Cyprus-based paytech Praxis Tech announced its partnership with SoftSwiss, a leading igaming software provider. SoftSwiss, known for its comprehensive infrastructure solutions, including payment processing, now integrates Praxis’ omnichannel gateway services. This collaboration brings SoftSwiss and its 300+ clients access to Praxis’ extensive portfolio of PSPs and cashier systems. The partnership aims to enhance SoftSwiss’ global reach by addressing diverse jurisdictional requirements through Praxis’ innovative payment solutions. About SoftSwiss SoftSwiss, founded by Ivan Montik and Dzmitry Yaikau in 2008, provides cutting-edge igaming software solutions compliant with various national regulations. The company holds…
The CoinsPaid Group and Its Network of Entities Investigative reports by Shana Dovi on Medium have revealed serious allegations against CoinsPaid, an Austrian crypto payment processor operated under Dream Finance OÜ via Estonia. The report outlines a complex web of financial misconduct, fraud, and regulatory evasion allegedly orchestrated by the company’s management and shadow stakeholders. Notably, the Austrian beneficial owner is allegedly a frontman for Belarusian interests. A Brief Overview of CoinsPaid CoinsPaid operates through legal entities in Estonia, Lithuania, and El Salvador. Its main operating entity, Dream Finance OÜ, holds a crypto license in Estonia and is controlled by…
Ivan Montik’s Influence in iGaming and Crypto Payments Ivan Montik, a Belarusian entrepreneur, has become a central figure in the intersecting worlds of iGaming and cryptocurrency payment processing. As the founder and CEO of SoftSwiss, a leading provider of crypto-based online casino solutions, and a co-founder of CoinsPaid, an Austrian-Estonian crypto payment processor, Montik’s ventures have positioned him as a significant player in high-risk industries. Officially, CoinsPaid lists Austrian Alexander Horst Riedinger as its beneficial owner, but Montik’s influence remains a subject of speculation. The Belarusian Entrepreneur Ivan Montik’s career journey reflects his innovative approach to technology and business. Transitioning…
The Role of Isaev and Gamgoneishvili in Online Gambling Russian entrepreneurs Roland Isaev and Paata Gamgoneishvili have emerged as key players in the online gambling and crypto payment sectors. Scam-Or Project ongoing investigations reveal their deep involvement in the SoftSwiss and Merkeleon groups, controlled through complex business structures and strategic acquisitions. Court documents and whistleblower information shed light on a global network that supports unlicensed gambling operations across Europe and beyond. Key Findings The SoftSwiss Group and Its Network Ownership and Control Isaev and Gamgoneishvili entered the online gambling scene through the acquisition of SoftSwiss. Whistleblower reports and court documents…
NovaForge’s Operations in the Gambling World Recent investigations by Scam-Or Project have identified NovaForge Ltd as a key player in a global network of illegal online casinos. Operating under the guise of multiple brands and domains, NovaForge continues the legacy of the defunct Rabidi Group. Registered in the Marshall Islands and newly licensed by Anjouan Gaming, the company’s activities raise serious questions about compliance, money laundering, and the involvement of Cyprus-based payment agents. The Emergence of NovaForge Ltd Key Entities in the Network EntityJurisdictionRoleNovaForge LtdMarshall IslandsCasino operator and payment processorLiernin Enterprises LtdMarshall IslandsLinked entity managing casino brandsMirata Services LtdCyprusPayment agent…
Frederic Hubin’s Accusations Against CoinsPaid In a LinkedIn post, former CoinsPaid executive Frederic Hubin made serious allegations against the Estonian-based crypto payment processor CoinsPaid. Directed at the Estonian Financial Intelligence Unit (FIU), Hubin accused the company of facilitating fraudulent activities and being involved in illegal online gambling operations. These claims, coming from an insider who served on the management board from 2020 to 2023, have raised significant concerns about CoinsPaid’s practices and affiliations. Key Allegations Timeline of Events YearEventDetails2020Hubin joins CoinsPaidServes on the management board2023N1 Interactive finedDutch regulator imposes €12.6 million penalty2024Hubin’s LinkedIn postAccuses CoinsPaid of fraudulent activities Connections Within…
Overview of the SoftSwiss Case A comprehensive investigation by Bavarian broadcaster BR has unveiled critical connections between Wirecard and Berlin-based SoftSwiss, led by Belarusian-born Ivan Montik. As part of BR’s “Gambling without Rules” series, the report reveals SoftSwiss’ significant role in operating illegal online casinos targeting Germany. These findings, corroborated by Scam-Or Project earlier research and Australian regulator ACMA, expose a sophisticated and concealed gambling network stretching across Malta, Cyprus, Curaçao, and Germany. Key Findings The SoftSwiss Network According to BR’s report, Ivan Montik, a Belarusian-born entrepreneur now residing in Berlin, operates SoftSwiss with connections extending globally. The SoftSwiss website…
StablR, established in April 2023 by Dutch entrepreneur Gijs op de Weegh, has introduced the MiCA-compliant euro stablecoin EURR and secured €3.3 million in seed funding. However, the company’s leadership, notably op de Weegh’s previous role at Payvision, raises significant concerns. Company Overview and Financial Milestones StablR Limited, operating from Malta, obtained an e-money institution license in July 2024. The company announced a €3.3 million seed funding round on July 18, 4, with investments from Deribit, Maven 11, Theta Capital, Folkvang, and Blocktech. Notably, the valuation for this funding round was not disclosed, prompting questions about transparency. As of July…
In the dynamic realm of cryptocurrency regulation, the European Union’s Markets in Crypto-Assets Regulation (MiCAR) underscores the imperative for transparency, especially among stablecoin issuers. However, the professional history of Gijs op de Weegh, founder and CEO of StablR, presents areas that merit closer scrutiny. Professional Background Gijs op de Weegh, a Dutch national, co-founded Payvision in 2002, serving as its Chief Operating Officer. Under his leadership, Payvision expanded to over 300 employees and reported a turnover exceeding €4 billion. This growth trajectory culminated in the sale of Payvision to ING in 2018 for €360 million. Controversies and Legal Challenges Despite…