Overview of Pokerdom and CryptoProcessing Pokerdom is an online gambling platform that primarily serves Russia and Belarus. According to Similarweb statistics, approximately 90% of the visitors to Pokerdom’s various websites over the past 28 days originated from these two countries, which are under Western sanctions. The Austrian-controlled crypto payment processor CryptoProcessing, operating under an Estonian crypto license, facilitates cryptocurrency transactions for Pokerdom. Payment Methods on Pokerdom Available Deposit Options: The Pokerdom website (https://bcw7pokerdom.com) recorded around 181,000 visitors in the last 28 days, with nearly 90% coming from Russia. Key Observations: Dream Finance Group Structure Key Entities and Leadership: Financial and…
Author: Tom
Overview of the Cyberattack On July 30, 2023, Estonia-based crypto payment processor CoinsPaid, controlled by Austrian national Alexander Horst Riedinger and his Ukrainian partner Max Krupyshev, reported a significant cyberattack. Approximately $37 million in cryptocurrency was stolen, with the North Korean Lazarus Group suspected to be behind the attack. The company responded by suspending automatic transactions and migrating its systems to a new, more secure infrastructure. Details of the CoinsPaid Cyberattack The attack involved advanced tactics, including: Impact on CoinsPaid Operations: Revenue Impact and Future Steps CoinsPaid acknowledged potential revenue impacts resulting from the cyberattack. However, swift detection and remediation…
Overview of the Cyber Heist On August 3, 2023, the crypto payment processor CoinsPaid announced its recovery following a significant hack by the North Korean cybercrime group Lazarus. As reported by Scam-Or Project, the cyberattack resulted in the theft of approximately $37 million in cryptocurrency. Despite this, CoinsPaid has demonstrated resilience by restoring its operations and regaining customer trust. Key Recovery Milestones CoinsPaid’s response to the hack highlights its commitment to operational stability and security: Enhanced Security Measures In response to the attack, CoinsPaid implemented robust security protocols to safeguard its platform: CEO Commentary Max Krupyshev, CEO of CoinsPaid, remarked:…
Payment Processors and the Gambling Industry Updated February 3, 2024: We have removed the FCA-regulated payment institution Volt from the list of payment facilitators for online casinos and gambling platforms. According to their lawyers, Simmons & Simmons (website), Volt’s technology and brand are used by online casino operators, but Volt itself denies direct involvement. This matter remains under investigation, and separate reports on Volt have been prepared. Recent analysis of the online gambling sector highlights a troubling trend where regulated and unregulated payment processors inadvertently facilitate unauthorized and illegal gambling operations. FinCrime Observer’s report sheds light on these practices, emphasizing…
Warning Against RichKing Casino RichKing Casino is an online gambling and casino platform currently acquiring customers in Germany and other EEA countries. However, the website does not disclose any legal entity as its operator and lacks any known license in Germany or other EEA jurisdictions. These activities classify RichKing Casino as an illegal gambling provider. Our investigation has identified PayOp, PayDo, CoinsPaid, and PunRun Limited as payment facilitators for this platform. These entities are integrated into the Praxis payment gateway. Key Data AttributeDetailsTrading NameRichKing CasinoBusiness ActivitiesOnline casino, gambling, and sports bettingDomainhttps://richkingcasino.comLegal EntityPunRun Limited, CyprusJurisdictionCyprusAuthorizationNonePayment ProcessorsPraxis, CoinsPaid, PunRun, PayOp, PayDoRelated Brands18bet…
Overview of CoinsPaid Operations CoinsPaid, a crypto payment processor, operates through legal entities in Estonia, Lithuania, and El Salvador. Dream Finance OÜ, the entity holding an Estonian crypto license, is controlled by Austrian entrepreneur Alexander Horst Riedinger, with Max Krupyshev serving as CEO. Despite claiming to announce audited 2021 financial results in a recent press release, the company provided no specific figures. Reported Numbers Claims from the Press Release (March 14, 2023): Missing Details: Previous Claims: In February 2023, CoinsPaid reported: Analysis and Concerns The announcement regarding CoinsPaid’s 2021 results lacks credibility due to the absence of concrete numbers. Instead…
Overview of CoinsPaid Operations CoinsPaid, a crypto payment processor, operates through legal entities in Estonia, Lithuania, and El Salvador. The primary operating entity, Dream Finance OÜ, holds a crypto license in Estonia and is controlled by Austrian entrepreneur Alexander Horst Riedinger, with Max Krupyshev as CEO. Another brand under the same structure, CryptoProcessing, also operates through the Estonian entity. Reported Growth Metrics In a press release dated June 20, 2023, CoinsPaid shared its Q2 2023 performance metrics. The company reported: However, as in previous press releases, the company did not disclose absolute figures, raising questions about the validity of these…
Starscream Group and Compliance Challenges As part of our “Follow the Money” research strategy, we analyze online casino and gambling schemes and their facilitating payment processors. Our findings often reveal the involvement of FinTech companies such as Revolut, MoonPay, and Binance Pay, as well as open banking service providers like Noda. In the case of the Starscream Group, we discovered a network of facilitating payment processors supporting their online casinos despite clear regulatory issues. Compliance Check Starscream Limited, registered in Saint Lucia, operates several online casinos under a license from the Kahnawake Gaming Commission. However, this license does not authorize…
Overview of CoinsPaid and CryptoProcessing CoinsPaid, a significant player in the crypto payment sector, operates through various legal entities across jurisdictions, including Estonia, Lithuania, and El Salvador. It also manages CryptoProcessing, a platform known for its dominance in high-risk industries such as iGaming and gambling. In Q3 2024, CryptoProcessing reported a turnover of €2.23 billion, reflecting a 27% growth from the previous year and processing over 2.52 million transactions. CFO Hanna Drabysheuskaya highlighted that the advantages of cryptocurrencies—low transaction costs, speed, and cross-border functionality—are driving their increased adoption globally. Corporate Structure and Key Stakeholders CoinsPaid’s corporate setup reveals notable figures:…
Starscream Casinos and Gammix Ltd: A Shift Offshore On September 12, 2024, serious allegations arose regarding the transfer of online casino operations from Gammix Ltd, a Malta-based operator, to Starscream Ltd, an offshore company registered in St. Lucia. This move has raised concerns about regulatory evasion and continued illegal gambling activities in Europe. Key Points: Regulatory Evasion and Compliance Challenges Starscream’s operations highlight a growing trend among casino operators to relocate to offshore jurisdictions following regulatory crackdowns. The KSA’s €19.6 million fine on Gammix in early 2024 underscores the severity of these violations. Compliance Insights: Payment Ecosystem Supporting Starscream Payment…