Emerging forensic analysis into the “SoftSwiss Papers” reveals how Curaçao-registered companies like Direx N.V., later Dama N.V., have been used to mask ownership, migrate assets, and sustain access to unregulated markets – a structure that critics warn raises significant AML/CTF and tax-evasion flags.

Investigators chart how assets and operational footprints were transferred between shell entities without public transparency, enabling these companies to continue operations while insulating beneficial owners from scrutiny. The replacement of Direx with Dama did not disrupt service delivery, suggesting continuity beneath formal restructuring.

Moreover, crypto payment processors – including CoinsPaid and Merkeleon-powered CryptoProcessing – are reported to have been integrated into the payment stacks of these casino brands, facilitating cross-border flows that are difficult to trace through traditional financial systems.

A 2025 legal filing inadvertently disclosed that SoftSwiss, Hollycorn N.V., CoinsPaid, and CFO Pavel Kashuba declared themselves part of “the same overarching group,” undermining prior assertions of independence between platform providers and operators.

Pavel Kashuba is frequently named in financial documentation as the executive responsible for treasury management, intercompany loans, and payment routing. Investigators allege that these structures enabled profit shifting from high-risk markets into low-tax jurisdictions, often through crypto rails that bypass traditional banking scrutiny.

When Rabidi collapsed under regulatory pressure, assets and operations were reportedly transferred to new shells registered in the Marshall Islands — a move critics describe as phoenixing, a classic red flag in financial crime typologies.

The repeated presence of Ivan Montik and Max Trafimovich across these entities raises questions about ultimate control, and whether the separation between “software supplier” and “operator” exists only on paper.

For compliance professionals, these structural revelations spell layering risks, opaque beneficial ownership, and jurisdictional arbitrage – the very ingredients regulators say enable money laundering and tax avoidance.