A few months back, FinTelegram published an initial forensic analysis regarding the bankruptcy of Rabidi N.V., an online casino operator registered in Curacao that boasted revenues in the hundreds of millions but had no identifiable assets at the time of its downfall in May 2024. This initial report raised significant concerns about the unclear structures that underpinned Rabidi’s operations and those of its successor, Liernin Enterprises Ltd.
Since that time, with the assistance of whistleblowers, legal documents, and the advanced capabilities of AI-driven compliance investigations, the FinTelegram team has gathered and analyzed a much wider array of evidence. The outcome is a detailed forensic intelligence report, prepared for legal scrutiny, which we are now making publicly accessible.
Summary of Key Findings
Rabidi N.V. was not merely an isolated rogue operator; it was part of a larger, multi-jurisdictional scheme involving gambling and crypto-financial activities, functioning through various locations including Cyprus, Curacao, the Marshall Islands, and Estonia, among others. Following its bankruptcy in May 2024, Liernin Enterprises Ltd, a newly established entity in the Marshall Islands, seamlessly took over its operations. However, payment processing and trademarks remained under the control of Cypriot companies such as Tilaros Ltd and Mirata Services Ltd.
At the core of this infrastructure is Ivan Montik, a Belarusian technology entrepreneur and founder of SoftSwiss, who is supported and financed by Russian business figures Roland Isaev and Paata Gamgoneishvili through the company Tall Trade Ltd. The report also identifies connections to CoinsPaid, CryptoProcessing, Merkeleon, and other cryptocurrency processors that facilitate payments related to gambling, many of which operate without licenses in the EU or North America.
Regulatory bodies in Germany and Australia have issued alerts regarding the illegal activities of companies affiliated with Montik. Notably, several key individuals are based in Germany and Cyprus, conducting operations from within the EU. Additionally, the defunct Wirecard is mentioned in the documents, having processed over €60 million in transactions for entities linked to SoftSwiss, with former COO Jan Marsalek reportedly seeking sales data directly.
The Revera law firm, which operates from Belarus and Cyprus, has been identified as the principal legal architect behind SoftSwiss’s corporate framework, including the creation of Cypriot holding companies designed to obscure true ownership and control.
Significance of the Findings
This report offers tangible proof of how extensive, unlicensed gambling and cryptocurrency payment networks continue to function throughout the EU, often protected by offshore licenses and ineffective cross-border enforcement. It illustrates how operators, despite having hundreds of millions in player funds, can disappear from one jurisdiction and reemerge under a different name in another, all while avoiding debt settlement and evading accountability.
