We are pleased to announce the release of our comprehensive Rabidi Report, now available for download in PDF format. This detailed report provides an in-depth analysis of the collapse of Rabidi N.V., a once-thriving online casino operator, and the emergence of its successor, Liernin Enterprises Ltd. The findings reveal a troubling pattern of regulatory evasion, financial misconduct, and the opaque disappearance of digital assets—a scenario that is becoming increasingly common in cyberspace.
Executive Briefing: Key Findings of the Rabidi Report
The Rabidi Report exposes the alarming reality of how a globally operating company, with a turnover of several hundred million euros and a profit of several million euros, can simply dissolve its assets and vanish from the regulatory radar. The report highlights several critical areas of concern:
- Asset Disappearance and Regulatory Evasion: Rabidi N.V., once a prominent name in the online gambling industry, managed to dissolve its assets through complex corporate maneuvers involving multiple Cyprus-based entities, such as Tilaros Limited and Tranello Limited. Despite generating substantial revenues and profits, Rabidi N.V. declared bankruptcy in May 2024 and transferred its operations to Liernin Enterprises Ltd., effectively disappearing without fulfilling its obligations to creditors and regulators.
- The Role of Cyprus-Based Entities: The investigation reveals that Cyprus-based entities, which manage trademarks and financial transactions, have the true operational control of Rabidi N.V. and Liernin Enterprises Ltd. This structure allows the companies to operate without direct regulatory oversight, using a network of shell companies to obscure the flow of funds and ownership.
- Connection to the ButOn Group: Evidence suggests that both Rabidi N.V. and its successor, Liernin Enterprises Ltd., are part of a larger scheme orchestrated by the ButOn Group, led by Denys Butko. Through shared trademark ownership and payment processing channels, the ButOn Group appears to have consolidated control over various online gambling operations, utilizing offshore jurisdictions to evade compliance with international regulations.
- Integration of Regulated and Unregulated Payment Processors: The report also uncovers the integration of both regulated and unregulated payment processors to facilitate transactions for Rabidi N.V. and Liernin Enterprises Ltd. This blend of financial channels, including FCA-regulated entities like MiFinity and various crypto payment providers, raises significant concerns about potential money laundering and financial misconduct.
- Anonymity and Cryptocurrency Transactions: Liernin Enterprises Ltd. continues to operate anonymously, accepting direct cryptocurrency payments without appropriate licensing. This strategy not only complicates regulatory oversight but also poses a risk for illicit activities due to the anonymity associated with cryptocurrency transactions.
The New Norm in Cyberspace: Disappearing Companies and Digital Assets
The Rabidi N.V. case is not an isolated incident; it is indicative of a broader trend in cyberspace where companies and their digital assets—such as websites, domains, and digital products—can vanish overnight. These entities exploit the digital nature of their operations, rapidly dissolving or transferring assets to new jurisdictions with minimal accountability. This emerging pattern poses significant challenges for regulators, financial institutions, and consumers alike, highlighting the need for more robust regulatory frameworks and international cooperation.
Download the Rabidi Report
For those interested in a deeper understanding of how Rabidi N.V. managed to evade regulatory oversight and dissolve its assets, we encourage you to download the full Rabidi Report. The report is available in PDF format and provides a detailed analysis of the company’s operations, financial dealings, and the network of entities involved.
Click here to download the Rabidi Report (PDF)
Call to Action for Whistleblowers
FinTelegram remains committed to uncovering the truth and promoting transparency in the financial and cyberfinance sectors. We urge anyone with insider information about Rabidi N.V., Liernin Enterprises Ltd., or related entities to come forward. Your insights are invaluable in helping us further develop this report and shed light on these opaque operations. Whistleblowers can submit information confidentially through our secure platform, Whistle42.
