Scam-Or Project continues its investigation into the entities and individuals associated with the insolvent online casino operator, Rabidi. The company’s bankruptcy was initiated by a player who filed a petition after not receiving their winnings, leading to the revocation of Rabidi’s license by the Curaçao Gaming Authority. Despite the insolvency, these casinos have continued operations, now functioning anonymously and without authorization. All indications point towards Cyprus and the ButOn ecosystem as central to these ongoing activities. Whistleblower Revelations Recent disclosures from whistleblowers have provided critical documents from Tilaros Limited, one of Rabidi Casinos’ Cypriot payment agents. These documents have enabled…
Author: Tom
In our ongoing analysis of the online gambling sector, particularly focusing on compliance and payment services, we’ve identified key players facilitating financial transactions. Our recent investigation into the bankruptcy of the casino operator Rabidi has brought attention to the Estonian crypto payment processor, BitSpider. BitSpider: An Overview BitSpider OÜ, established in Estonia, has held a cryptocurrency license from the Estonian Financial Intelligence Unit (FIU) since 2020. The company specializes in providing merchants with solutions to accept cryptocurrency payments, offering services that automatically convert crypto revenues into fiat currency for merchant withdrawals. As of July 15, 2024, BitSpider had not submitted…
Zet Casino, previously managed by the now-insolvent Rabidi N.V., continues its operations under new management. Currently, Liernin Enterprises Ltd, registered in the Marshall Islands, oversees the casino, with payment processing handled by Mirata Services Ltd, based in Cyprus. Despite holding an offshore license from the Philippine Amusement & Gaming Corporation, which is not recognized within the European Economic Area (EEA), Zet Casino continues to accept players from the EEA and the UK without restrictions. Background and Transition Before its bankruptcy in 2023, Rabidi N.V. operated numerous online casinos under a Curaçao license. Following the bankruptcy and subsequent license revocation, former…
The online gaming industry often conceals its true ownership through intricate structures, making it challenging to identify the actual beneficiaries. The Rabidi Group exemplifies this complexity. Once a prominent entity in online gambling with a Curaçao license, Rabidi faced scrutiny after its abrupt disappearance following bankruptcy in June 2023. Subsequent to Scam-Or Project reports, Denys Butko, the alleged beneficial owner, removed his LinkedIn profile. Background: The Ascendancy and Decline of Rabidi Group Established in 2019, Rabidi Group rapidly became influential in the online gambling arena, managing at least 34 online casinos under Rabidi N.V., a Curaçao-registered company. Despite this, the…
Scam-Or Project has published a detailed report on Cazimbo Casino, highlighting the critical role payment processors play in supporting illegal online gambling operations. This investigation underscores the necessity of scrutinizing financial facilitators to curb unauthorized online casinos. Cazimbo Casino: An Examination Cazimbo Casino operates without proper regulatory authorization, continuing the legacy of the defunct Rabidi Group. Key observations include: Payment Processors: Enablers of Unauthorized Gambling A significant concern is the involvement of regulated payment processors facilitating Cazimbo’s operations. As of August 21, 2024, Cazimbo collaborates with several notable processors: Notably, Tilaros Limited, the owner of the “Cazimbo” brand, appears to…
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…
The insolvency of Curaçao-based Blockdance B.V., the former operator of BC.Game, and the subsequent asset transfer to Small House B.V. have created a complex legal and financial situation with significant implications for the online gambling industry. This mirrors the earlier case of Rabidi N.V., where assets were similarly transferred and vanished shortly before bankruptcy. Legal Actions and Bankruptcy Proceedings On November 12, 2024, a Curaçao court declared both Blockdance B.V. and Small House B.V. bankrupt. This decision followed lawsuits initiated by the Foundation for the Advocation of Victims of Online Gambling (SBGOK), representing international claimants alleging unpaid player balances. Notably,…
For many years, Curaçao was considered a regulatory haven for global online gambling. However, this status is now under intense scrutiny. The Lokinvestigation, led by opposition politician and forensic investigator Dr. Luigi Faneyte, has uncovered systemic failures and alleged corruption within Curaçao’s online gambling sector. The investigation reveals connections to Maltese investors and international financial networks, calling for transparency and highlighting significant political implications. Key Points: Lokinvestigation Narrative: Authored by Luigi Faneyte, the Lokinvestigation serves both as a forensic exposé of Curaçao’s flawed gambling licensing system and a critique of Minister Javier Silvania’s administration. Faneyte, a member of the Real…
In a significant development, opposition politician and financial forensic investigator Luigi Faneyte has filed a criminal complaint against Curaçao’s Minister of Finance, Javier Silvania, and three Maltese nationals—Mario Galea, Aideen Shortt, and Mario Fiorini. The allegations involve corruption, money laundering, and regulatory failures within Curaçao’s gambling industry. Key Allegations: Investigative Findings: Faneyte’s supplemental criminal complaint, filed on December 12, 2024, incorporates findings from Scam-Or Project investigations into the Rabidi case. The evidence reveals parallels between Rabidi and BC.Game, highlighting a framework of fraud, unregulated crypto transactions, and asset transfers designed to evade scrutiny. Faneyte has launched Lokinvestigation.com, a platform dedicated…
Curaçao’s recent enactment of the National Ordinance on Gambling (LOK) has ignited significant concern, with critics labeling it a “money laundering law.” Financial expert and whistleblower Luigi Faneyte warns that this legislation could transform Curaçao into a sanctuary for organized crime, jeopardizing the international standing of the Kingdom of the Netherlands. A Law for Reform or a Gateway for Organized Crime? While LOK aims to introduce much-needed regulation to Curaçao’s gaming industry, Faneyte contends that it is fraught with deficiencies, permitting unvetted operators, including obscure “Maltese investors,” to dominate the market. He asserts, “We have handed control of our economy…