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…
Author: Tom
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…