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Whistleblower Request: The Cyprus-Russian Entity of Interest MGL Wallet and its Mysterious Domain!

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The Cyprus-based E-Money Institution MGL Wallet seems to be part of the MY.GAMES Group, which was a prominent branch of the Russian tech giant VK Group until Sept 2022, when it was sold to Alex Chachava, a Russian national residing in Cyprus, for $642 million. Although, this transaction may have been a reaction of the Western sanctions against Russia, the MY.GAMES Group maintains its Russian connections. The MGL Wallet is an entity of interest on the OpenSanctions list and for FinTelegram.

MGL Wallet: An Entity of Interest

It should be noted at the outset that it is not known with certainty who the beneficial owners of the Cypriot EMI MGL Wallet Ltd are.

MGL Wallet, an e-money institution regulated by the Central Bank of Cyprus, seems to be part of the MY.GAMES Group. However, this entity was not part of the 2022 transaction with Chachava, evidently. In Aug 2023, Russian Interfax reported, that VK sold its controlling interest in MGL Wallet for €1 million to a non-disclosed buyer in July 2023. However, there is a personal connection to the MY.GAMES Group.

Vadim Rumyantsev is the director of MGL Wallet and MY.GAMES

According to his LinkedIn profile, the experienced Russian tech executive Vadim Rumyantsev (aka Vadim Rumiantsev), who also resides in Limassol and previously worked for VK in Moscow, is the Head of Payments in the MY.GAMES Group and a director of MGL Wallet Ltd. Prior to that, he was the head of Money.Mail.Ru, a Russian payment institution licensed by the Central Bank of Russia and part of VK Group.

Listed on the OpenSanctions website as an entity of interest, MGL Wallet is perhaps noted for its connections to the Russian financial and technology sectors. It is important to understand, that this listing does not imply any legal wrongdoing but highlights the institution’s ties to Russia. The OpenSanctions listing profile said that no relationship to other entities was found. However, there are interesting relationships.

The MGL Wallet website offers very limited product information, primarily advertising wallets and merchant solutions with a contact-only approach for further details.

The Sale of MY.GAMES

Founded by VK Group, MY.GAMES was sold to Alex Chachava, a Russian living in Cyprus and the founder and managing partner of LETA Capital, in September 2022, a VK announcement informs. Thus, MY.GAMES remains under the control of Russian individuals and evidently continues its intensive connections into the Russian ecosphere.

The MY.GAMES operations relocated to Cyprus and the Netherlands. The official headquarters of MY.GAMES is listed as Amsterdam, but LinkedIn profiles and media reports suggest Limassol, Cyprus, as the primary place of work.

Vladimir Nikolskiy, co-founder and CEO of MY.GAMES, remained in his position until September 2023, when Elena Grigorian, a former VK Group executive, took over. This change in leadership continues to link MY.GAMES closely with its Russian roots.

In 2022, MY.GAMES boasted over 700 million registered users and 25 million monthly active users across its portfolio of approximately 80 active games. In 2019, it generated $483 million in revenues, ranking 42nd globally in gaming revenues. The strategic importance of MY.GAMES to VK Group underscores the peculiarity of the transaction’s low purchase price.

MGL Wallet and VK Group

The Mystery of My.com

Ownership of the prominent my.com domain, acquired by VK Group in 2012, remains unclear post-takeover. This domain and its subdomains facilitate significant payment transactions by Cypriot payment processors such as Unlimit. Notably, the Dutch entity of MY.GAMES B.V. was previously known as My.com B.V. until shortly after the takeover, suggesting the domain might belong to MY.GAMES Group.

Web traffice my.com

The IP address of the subdomain https://pay.my.com is the same as that of the MGL  Wallet (MGLWallet.com). An UrlScan analysis shows that the IP address of the domain MGLWallet.com is 185.30.179.203, which belongs to the Russian hoster with the AS name MYCOM AS, part of the VK Group. MYCOM AS is also connected to the domain https://pay.my.games, a subdomain belonging to the MY.GAMES Group.

Based on the analysis of the my.com domains and its subdomains, we can conclude that both the MY.GAMES group and the VK Group are associated with it.

Key Data MY.GAMES

Trading namesMY.GAMES
MGVC
MGL Wallet
Business activitiesOnline Gaming
Venture Capital
E-Money Institution
Domainshttps://my.games
https://mglwallet.com
https://mgvc.com
Related legal entitiesMY.GAMES B.V. (prev. My.com B.V.)
MY.GAMES Venture Capital Ltd
MGL Wallet Ltd
LETA Capital Ltd
JurisdictionsNetherlands, Cyprus
AuthorizationEMI authorization Central Bank of Cyprus
Related individualsAlex Chachava, LinkedIn
Vadim Rumyantsev (aka Vadim Rumiantsev), LinkedIn
Vladimir Nikolskiy, LinkedIn
Elena Grigorian, LinkedIn
Benjamin Villhauer, LinkedIn
Valeria Chebotareva, LinkedIn
ConnectionsUnlimit, VK Group

Call for Whistleblower Information

We aim to shed light on the MY.GAMES Group and its Russian connections. If you possess any information related to this matter, please contact us via our whistleblower system, Whistle42. Your insights will contribute to our forthcoming report on the Russian payment cluster in Cyprus.

FinTelegram is committed to uncovering the truth behind MY.GAMES and its connections. Your information could be crucial in this investigation.

CategoriesFintech Sanctions

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