Breakding: Israeli VESTtoo Reborn? VIXI Chain Raises Red Flags in Alleged Reinsurance Scam (Part 1)

A whistleblower alert analyzed by FinTelegram warns of a potential reboot of the VESTtoo scandal under a new name: VIXI Group. Founded by former VESTtoo executives, the entity is allegedly soliciting funds for a new reinsurance venture with a suspiciously similar business model—raising serious concerns for regulators, investors, and insurers alike.

5 KEY POINTS

• Same People, Same Playbook: VIXI Group allegedly involves former VESTtoo co-founders Yaniv Bertele (former CEO of VESTtoo) and Amit Bar-Gill (fFormer CIO of VESTtoo).
• Fraud Legacy: VESTtoo collapsed after a massive reinsurance fraud involving $4 billion in fake letters of credit. The US FBI is investigating.
• New Venture, Old Tricks: VIXI markets itself as a reinsurance structuring and advisory firm—nearly identical to VESTtoo’s offering.
• Investor Pitch: VIXI is reportedly soliciting capital using a business plan that recycles ideas from the disgraced VESTtoo structure.
• Regulatory Vacuum: Authorities have yet to publicly act, raising fears of a “scam resurrection” amid light-touch scrutiny.

SHORT NARRATIVE

In July 2023, the VESTtoo scandal rocked the insurance-linked securities (ILS) and reinsurance sectors when it was revealed that the company had placed billions in fake letters of credit (LOCs) with global reinsurers and cedents. The scheme, which included counterfeit financial instruments and forged documents, led to multiple insolvencies and investigations.

Now, an insider report obtained by FinTelegram reveals that the same founders behind VESTtoo—Yaniv Bertele and Amit Bar-Gill—may be quietly launching a new venture: VIXI Group. The whistleblower alert warns that the entity could be attempting to re-enter the sector through a new shell, recycling both business models and possibly investors.

VIXI Chain (also known as Vixichain) is a blockchain project under the Vixi Group, focused on bridging blockchain technology with traditional finance.

EXTENDED ANALYSIS

VESTtoo was an Israeli insurtech startup founded in 2018, designed to connect insurance companies with capital market investors as an alternative to traditional reinsurers. The company created a marketplace where investors could purchase “insurance baskets”—essentially taking on reinsurance risk in exchange for payment, with losses shared in the event of insurance claims.

In 2023, VESTtoo became the center of a massive fraud scandal. Investigations uncovered that up to $4 billion in letters of credit used as collateral in reinsurance transactions were fraudulent. VESTtoo’s collapse was one of the largest reinsurance frauds in recent memory. According to U.S. court filings and bankruptcy documents, VESTtoo used fake LOCs to collateralize reinsurance agreements, often targeting smaller carriers with weaker due diligence processes. The fallout triggered legal battles, Lloyd’s of London reviews, and regulatory inquiries in multiple jurisdictions.

Now, VIXI Group, a scheme officially headquartered in Cyprus and beneficially owned by Roy Mayer (LinkedIn), is reportedly operating from Tel Aviv and reaching out to old VESTtoo contacts with new investment proposals. The firm allegedly markets itself as a facilitator for reinsurance structuring, capital management, and ILS solutions—mirroring VESTtoo’s language and strategy.

The concern: no credible institutional oversight, no admission of past wrongdoings by the founding team, and no clear regulatory framework to stop them from relaunching under a new name. In a post-VESTtoo landscape, this should ring alarm bells.

While VIXI may attempt to position itself as a new player, the continuity of personnel and methods suggests an effort to whitewash reputational damage without rectifying the structural issues that enabled the original fraud. As the reinsurance industry struggles to rebuild trust, such reboots could cause further erosion of credibility, especially in the ILS sector.

Crypto-based Money Laundering

The insider report on VIXI Advisory—formerly connected to VESTtoo—raises serious allegations of crypto-based money laundering, suggesting that entities now operating under the “VIXI Group” brand were instrumental in concealing and transferring illicit profits from the fraudulent VESTtoo operation.

Here’s what the insider report reveals:

• Crypto Wallets for Exit Routes: VIXI-affiliated individuals allegedly used cryptocurrency wallets and platforms to move proceeds from the VESTtoo scheme offshore, bypassing traditional banking scrutiny.
• Shell Companies and Conduits: The report claims VIXI-associated entities utilized multiple corporate shells—some registered in offshore jurisdictions—to launder money through crypto exchanges, especially in jurisdictions with lax AML enforcement.
• Digital Asset Diversification: Some funds were reportedly converted into stablecoins and layer-1 tokens (e.g., ETH, USDT) and then dispersed across DeFi protocols and privacy-enhancing tools like mixers or privacy coins (e.g., Monero), making tracing nearly impossible.
• Crypto to Fiat Exits: After obscuring the trail, the crypto assets were allegedly reconverted into fiat via OTC desks and crypto-fiat gateways, often using passport jurisdictions such as Dubai or Estonia.
• Cover Narrative: Internally, the use of crypto was framed as part of VESTtoo’s “innovative capital strategy” or “digital reinsurance liquidity solutions”—buzzwords designed to mask fraudulent movement of value.

These allegations suggest that VIXI Group may have not only rebranded from VESTtoo but is also deeply implicated in laundering proceeds of financial crime using crypto rails, posing major compliance and enforcement challenges.

According to the insider report and supplemental intelligence analysis, Yu Po Holdings Limited, based in Hong Kong, and its legal entities appear to play a crucial supporting role in the alleged VESTtoo–VIXI crypto laundering network. Her involvement suggests the use of Hong Kong as an offshore compliance shield and laundering conduit in the broader fraud ecosystem.

ACTIONABLE INSIGHT & AML/CFT Cincerns

Regulators in Israel, Bermuda, and the U.S. must urgently investigate VIXI Advisory’s activities and vet its founders for potential license breaches, investor deception, and failure to disclose material legal history. Institutional investors and insurers should treat any contact from VIXI Advisory as a potential fraud signal and verify all representations through independent legal counsel.

CALL FOR INFORMATION

FinCrime Observer calls on whistleblowers, industry professionals, and compliance officers with knowledge of VIXI Advisory or ongoing activities by former VESTtoo executives to come forward via Whistle42.com. Confidentiality is guaranteed.