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:
- Alexander Horst Riedinger (Austria): Main shareholder via A.R. Merkeleon GmbH.
- Max Krupyshev (Ukraine): CEO, holding a stake through Skylock Investments Ltd. A crypto influencer, Krupyshev is central to the company’s strategy.
- Ivan Montik (Belarus): Alleged co-founder and key figure, also the founder of SoftSwiss, a major provider in the crypto and iGaming sectors.
Reports also link CoinsPaid to Georgian billionaire Paata Gamgoneishvili and Roland Yakovlevich Isaev, allegedly connected to SoftSwiss and accused of involvement in international money laundering operations for Russian interests.
Cybersecurity Challenges
Recent cyberattacks have raised questions about CoinsPaid’s financial health:
- January 5, 2024: $7.5 million lost to a hack.
- July 22, 2023: A larger attack resulted in $37.3 million in losses, reportedly orchestrated by the Lazarus Group.
Despite these losses, CoinsPaid assured users of the safety of client funds. However, critics suggest deeper financial challenges, including potential solvency risks.
Allegations and Regulatory Concerns
Anonymous sources and platforms like CoinsPaidScam.com have accused CoinsPaid of:
- Financial Misconduct: The $37 million loss has fueled rumors of insolvency and undisclosed liabilities.
- Money Laundering: Allegations suggest CoinsPaid facilitates money laundering for offshore gambling firms through Eastern European networks.
- Shadow Management: While Krupyshev is the public face, Belarusian interests, including Gamgoneishvili and Isaev, are rumored to hold real control.
Connections to AlphaPo
CoinsPaid and AlphaPo allegedly function as a single entity, sharing:
- IT infrastructure and compliance teams.
- Overlapping security breaches in 2023.
- Interlinked financial operations without proper accountability.
These connections, detailed in investigative reports by Shana Dovi, point to coordinated efforts to evade regulatory scrutiny.
Online Reputation and Investigative Challenges
Websites like CoinsPaidScam.com and exposés by platforms such as Global Economy Edition have criticized CoinsPaid’s operations, alleging ties to sanctions evasion and organized crime. Prior investigations, including those by Bulgarian outlet Bigol, reinforce these claims.
Conclusion
CoinsPaid’s growth in high-risk sectors underscores its influence in the crypto space. However, ongoing allegations of misconduct, shadow ownership, and hacking vulnerabilities demand thorough regulatory investigation to protect financial market integrity.
Key Company Data
| Attribute | Details |
| Trading Names | CoinsPaid, CryptoProcessing, AlphaPo |
| Activities | Crypto exchange, OTC desk, payment processing |
| Jurisdictions | Estonia, Austria, Cyprus, El Salvador |
| Legal Entities | Dream Finance OÜ (Estonia), Dream Finance UAB (Lithuania) |
| Related Individuals | Alexander Horst Riedinger, Max Krupyshev, Ivan Montik |
| Social Media Presence | LinkedIn, Facebook, Instagram, Twitter |
For further insights or to share information, visit Whistle42.
This document ensures all internal references, names, and links from the original source are retained, maintaining both integrity and accuracy.