The SoftSwiss Connection: The War Between CoinsPaid and Ex-Director Frédéric Hubin!

Excerpt

A corporate war has erupted between Frédéric Hubin, former director of CoinsPaid, and the crypto payment processor itself. In an explosive LinkedIn post from April 2025, Hubin accuses CoinsPaid of processing payments for illegal SoftSwiss casinos, operating with negative equity, and being backed by Russian owners linked to controversial business networks. Meanwhile, CoinsPaid has partnered with Payabl in legal action against FinTelegram, raising serious compliance and reputational questions. The conflict sheds light on the high-risk shadows of the crypto payment world.

Key Points

• Frédéric Hubin, ex-director of CoinsPaid, claims the company processes payments for unlicensed SoftSwiss casinos.
• Hubin’s LinkedIn post alleges negative equity at CoinsPaid, backed by Estonian auditor reports.
• Ivan Montik, listed as co-founder of both SoftSwiss and CoinsPaid, is linked to controversial Russian owners Roland Isaev and Paata Gamgoneisvili.
• CoinsPaid denies all allegations, stating it won a defamation suit in Belgium against Hubin and accusing him of a smear campaign.
• Payabl, a Cypriot high-risk payment processor, uses CoinsPaid statements in a preliminary injunction attempt against FinTelegram, including documents that appear to contain forged signatures.

Short Narrative

In April 2025, Frédéric Hubin, a former board member of CoinsPaid’s Estonian entity Dream Finance OÜ, publicly declared war on his former employer. In a LinkedIn post, Hubin accused the crypto payment processor of enabling illegal gambling through a network of unregistered SoftSwiss casinos. He further claimed the company operates with negative equity, as noted in the Estonian company register.

CoinsPaid denies the allegations, citing a favorable ruling in Belgium and calling Hubin’s claims defamatory.

But the war didn’t end there. In a surprising twist, Payabl, another high-risk payment processor under scrutiny, submitted court documents co-authored with CoinsPaid in a Cypriot injunction attempt against FinTelegram. Some of these documents reportedly feature signatures that appear to be forged, according to FinTelegram’s legal analysis.

Extended Analysis

Legal Implications

• Hubin’s claims directly implicate CoinsPaid in facilitating illegal gambling, a potential AML and licensing breach under Estonian and EU law.
• SoftSwiss, the casino software provider named by Hubin, is linked to Ivan Montik, who publicly identifies as founder of SoftSwiss and co-founder of CoinsPaid.
• The Russian ownership structure behind SoftSwiss (Roland Isaev and Paata Gamgoneisvili) has been previously documented by FinTelegram as part of a high-risk payments ecosystem.

Read more about CoinsPaid here.

The Payabl-Coinspaid Nexus

• Payabl’s court filing in Cyprus explicitly refers to CoinsPaid and uses its statements to reinforce the claim that FinTelegram operates a “blackmail scheme”—a serious and criminally relevant defamation under Cypriot law.
• This alignment raises questions: Why is Payabl relying on a partner accused of fraudulent casino facilitation and under scrutiny in multiple jurisdictions (Belgium, Estonia, Switzerland, Israel, and Germany)?
• Hubin claims no involvement in settlement agreements alleged by CoinsPaid and challenges the authenticity of documents submitted by Payabl in court.

Read more about SoftSwiss here.

Reputational Risk

The convergence of two controversial payment processors—CoinsPaid and Payabl—in legal action against a media outlet reporting on their conduct highlights the strategic weaponization of defamation suits. This tactic, increasingly seen in crypto-related litigation, may chill legitimate journalistic investigations.

Actionable Insight

Regulators and financial institutions should closely examine both CoinsPaid’s operations and its alignment with Payabl, especially in the context of licensing, AML compliance, and governance integrity. The possible forgery of legal documents and the alleged use of crypto payment rails for illegal gambling must be independently investigated across jurisdictions.

Summary Table

🕵️ Call for Information

If you have insider knowledge, legal documents, or regulatory findings related to CoinsPaid, SoftSwiss, or Payabl, we encourage you to submit information securely via Whistle42.com. Whistleblowers may be rewarded under our syndication model.