Accounts of Pin-Up and Vbet have been subjected to a financial claim.
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Here's a crisp scoop on the latest court decisions, y'all! According to a report by Liga.net, some companies are under suspicion for playing a sneaky role in a shady scheme. They're alleged to have laundered money through cryptocurrency transactions while dodge-balling sanctions against Russia.
The court documents reveal that LLC 'Ukrainian Game Technologies' and LLC 'Vbet Ukraine' are suspected of being involved in illicit activities like laundering property earned through nefarious means, evading payments to Ukraine's government, and cashing out using controlled financial instruments, like payment systems, financial firms, and p2p transfers, specifically dropper accounts and virtual assets.
Now, the State Bureau of Investigations claims that the online betting platform, Pin-Up, raked in over 170 million UAH from January 19, 2022, to February 26, 2024, through software licensing fees paid to Guruflow Team LTD, which is believed to be controlled by Russian citizens.
Meanwhile, from October 2023 to February 2024, 'Vbet Ukraine' is said to have made nearly 438 million UAH in license fees and royalties to companies Soft Construct Limited and Soft Construct Limited (Malta), who are in partnership with sanctioned Russian bookmakers Fonbet and Betcity.
Now, switch over to sporting.net for more on this controversial betting bill, the Office of the Prosecutor General's efforts to combat illegal gambling, and the growth of the 'white' gambling market from 5% to 40-50% as reported by an expert.
Additional Insights about Ukrainian Gaming, Cryptocurrency, and Money Laundering Risks
The clandestine world of gaming cheats often relies on cryptocurrency transactions for its anonymity and irreversibility. This makes it challenging for authorities to trace the funds and enables money laundering activities, particularly within the underground gaming economy. Organized crime groups have professionalized these operations, using services that facilitate money movement and laundering through gaming platforms.
Ukraine is working towards legalizing and taxing digital assets, with the "On Virtual Assets" law signed in 2022, though implementation is delayed. In May 2025, a large-scale money laundering scheme was uncovered, highlighting the broader risks of financial crime in Ukrainian business sectors, including potential ties to gaming and virtual assets.
However, as of now, there's no publicly available, substantial evidence connecting the named Ukrainian gaming companies or Russian bookmakers to cryptocurrency money laundering. Always remember that the absence of direct mention doesn't prove or disprove their involvement in such schemes as of the most recent sources.
- The clandestine world of gaming cheats often utilizes cryptocurrency transactions for their anonymity, aiding in money laundering activities within the underground gaming economy.
- Organized crime groups have professionalized these operations, using services that facilitate money movement and laundering through gaming platforms.
- Ukraine is working towards legalizing and taxing digital assets, but a large-scale money laundering scheme was uncovered in May 2025, highlighting potential financial crime risks in Ukrainian business sectors, such as gaming and virtual assets.
- As of the most recent sources, there's no publicly available, substantial evidence connecting the named Ukrainian gaming companies or Russian bookmakers like Betcity to cryptocurrency money laundering.
- In 2024, investigations found that 'Vbet Ukraine' made nearly 438 million UAH in license fees and royalties to companies potentially connected to sanctioned Russian bookmakers Fonbet and Betcity, raising concerns about illegal activities in the Ukrainian gaming industry.
