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Reviews & Ratings

August 2, 2024

Review: Offshore Online Casino Operator Starscream and its Payment Facilitators

As part of our “Follow the Money” research strategy, we look at online casino and gambling schemes and analyze the facilitating payment processors. We often discover FinTechs such as Revolut, MoonPay or Binance Pay, but also many open banking service providers such as Noda. We also discovered a number of facilitating payment processors at the online casinos of the Starscream Group in addition to illegal activities. Here is our review.

May 10, 2024

Between SoftSwiss and CoinsPaid: Who is Ivan Montik?

In the world of iGaming and crypto payment processing, the Belarussian national Ivan Montik is a figure of intrigue and influence. He is the founder and CEO of SoftSwiss, a leader in crypto-based online casinos and gambling solutions. Moreover, he is also the founder of the Austrian-Estonian crypto payment processor CoinsPaid, that is focused on high-risk industries. Officially, the beneficial owner of CoinsPaid is the Austrian Alexander Hors Riedinger. Who is Ivan Montik?

May 9, 2024

Investigative Report: Allegations of Money-Laundering, Tax Fraud, and Compliance Issues Against Crypto Payment Processor CoinsPaid.

Investigative reports published by Shana Dovi on Medium has raised serious allegations against CoinsPaid, an Austrian crypto payment processor operated under Dream Finance OÜ via Estonia. The report outlines a complex scenario of financial misconduct, fraud, and regulatory evasion allegedly orchestrated by the company's management and its shadow stakeholders. Allegedly, the Austrian beneficial owner is only a frontman for the Belarussian people.

January 31, 2024

Uncovering the Shadow: How Payment Processors Unwittingly Fuel Illegal Online Gambling Operations

We've uncovered a concerning trend in our recent analysis of the online casinos and gambling sector, particularly focusing on the high-risk aspects of these activities and their associated payment processors. Many payment processors, including those regulated by financial authorities, seem to be unknowingly engaging in unauthorized and, consequently, illegal online gambling operations. FinCrime Observer published an interesting report about this scene and its payment processors.

August 3, 2023

CoinsPaid Recovered From Lazarus Crypto Heist, All Payment Requests Successfully Processed!

As reported by FinTelegram, the crypto payment processor CoinsPaid has been hacked by the North Korean cybercrime racket Lazarus Group. The company reported that approximately $37 million in cryptocurrency was stolen in this crypto heist. Recently, CoinsPaid announced a near-complete recovery of its weekly transaction volume. The company used data from the Crystal Blockchain service to illustrate its recovery progress.

July 30, 2023

Crypto Heist: Lazarus Group Allegedly Stole $37M From CoinsPaid In A Cyberattack!

Estonia-based crypto payment processor CoinsPaid, controlled by the Austrian national Alexander Horst Riedinger and his Ukraine partner Max Krupyshev, has reported that approximately $37 million in cryptocurrency was stolen in a cyberattack likely orchestrated by the North Korean Lazarus Group. The company suspended automatic transactions and began moving the systems to new infrastructure.

July 3, 2023

Estonian Crypto Payment Processor CoinsPaid Claims A Strong Growth (Again) Without Providing Details!

Crypto payment processor CoinsPaid operates through legal entities in Estonia, Lithuania, and El Salvador. Dream Finance OÜ, the operating entity holding a crypto license in Estonia, is controlled by Austrian entrepreneur Alexander Horst Riedinger and led by Max Krupyshev as CEO. CryptoProcessing is another brand also operated by the Estonian entity. In a new press release, CoinsPaid said that its "spring numbers" 2023 exploded again in a YoY comparison.

May 11, 2023

Crypto Payment Processor CryptoProcessing And Its Russian-Focused Client Pokerdom!

Pokerdom is an online gambling site specializing in Russia and Belarus. According to Similarweb statistics, around 90% of visitors to their different websites in the last 28 days came from these two countries affected by the Western sanctions. The Austrian-controlled crypto payment processor CryptoProcessing, operating via an Estonian crypto license, is the crypto payment processor for Pokerdom.

High-risk payment processors

March 17, 2023

Strange! Crypto Payment Processor CoinsPaid Does ‘Not Announce’ Audited 2021 Numbers!

Crypto payment processor CoinsPaid operates through legal entities in Estonia, Lithuania, and El Salvador. Dream Finance OÜ, the operating entity, which holds a crypto license in Estonia, is controlled by Austrian entrepreneur Alexander Horst Riedinger and led by Max Krupyshev as CEO. In a new press release, CoinsPaid claims to announce 2021 numbers audited by Crowe Global. The truth is that the company does not announce any number.

February 9, 2023

Impressive: Crypto Payment Processor CoinsPaid Disclosed A Billion Euro Transaction Volume!

Crypto payment processor CoinsPaid operates through legal entities in Estonia, Lithuania, and El Salvador. Through Dream Finance OÜ, it holds a crypto license in Estonia. The company is controlled by Austrian entrepreneur Alexander Horst Riedinger and led by Max Krupyshev as CEO. In a press release, CoinsPaid said it processed a transaction volume of around €3 billion in Q4 2022. This is an increase of more than 30% compared to Q4 2021. CoinsPaid claims that its payment gateway processes allegedly about 8% of global on-chain Bitcoin transactions.

October 25, 2022

Interesting! Crypto Payment Processor CoinsPaid Announced Impressive Performance Numbers!

A few days ago, CoinsPaid, including CryptoProcessing, issued a press release claiming to be the largest crypto payment ecosystem. Allegedly, it has processed over €16 billion worth of crypto in total and continues growing by nearly €1 billion per month in the declining market. In Q3 2022, CoinsPaid allegedly processed 4.9 million transactions worth approximately €3 billion. We exposed CoinsPaid as a payment processor in broker scams and illegal gambling ventures. Impressive, isn't it?

October 25, 2022

Urgent Warning Against Illegal Gambling Site RichKing Casino Facilitated By PayOp, PayDo, And Coinspaid!

Currently, the online gambling and casino site Rich King a/k/a Rich King Casino acquires customers in Germany and other countries in the EEA region. The website does not list any legal entity as its operator and does not have any license in Germany or any other EEA country that we know of. The activities of Rich King, therefore, qualify as illegal. We have discovered PayOp, PayDo, CoinsPaid, and PunRun Limited as payment facilitators. They are integrated into the Praxis payment gateway.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.