WILLEMSTAD – A newly published investigative report has unveiled extensive evidence that the well-known iGaming technology firm SoftSwiss is not merely a software vendor, but the operational core of a vast clandestine gambling and crypto-finance network spanning Curaçao, Cyprus, Estonia and the British Virgin Islands.
The 9-page report, titled “The SoftSwiss Papers: Anatomy of a Shadow Empire – Part I,” examines more than a decade of corporate filings, leaked court documents, and international intellectual property records. According to the findings, SoftSwiss and its CEO Ivan Montik engineered a vertically integrated system designed to obscure ownership, evade regulations, and operate in black and grey markets.
A Carefully Constructed Myth
For years, SoftSwiss publicly presented itself as a neutral B2B provider supplying casino software to independent operators. The report directly contradicts that narrative, concluding that SoftSwiss, its casino operators (Direx N.V., Dama N.V., Hollycorn N.V.), and its payment processor (CoinsPaid) function as one economic unit.
A striking detail appears in the image on page 1, which visually depicts SoftSwiss connected to entities such as Dama N.V., CoinsPaid, and Orakum N.V. through chains labelled “Illegal Bets,” “Crypto Flow,” and “Money Laundering,” underscoring the investigation’s conclusions.
The Direx N.V. Deception
One of the most significant findings is the revelation that Direx N.V. — supposedly SoftSwiss’s largest client — was actually SoftSwiss itself. Curaçao’s registry shows that the entity was originally incorporated in 2014 as SoftSwiss N.V., before being renamed Direx N.V. in 2016 to distance the brand from increasingly controversial gaming operations.
The report says this was a strategic rebrand meant to sanitize the SoftSwiss name while allowing the same operations to continue under a new façade.
Control Through Liquidations
According to the investigation, Direx N.V.’s later liquidation was overseen by Maksim Trafimovich, SoftSwiss's Chief Commercial Officer. This, the report argues, is the “smoking gun,” proving SoftSwiss controlled the operator it publicly described as an independent client.
A Financial Ecosystem Built for Laundering Risks
The report details how the network uses:
- CoinsPaid (Dream Finance OÜ in Estonia) as an internal treasury for crypto payments
- Merkeleon, owned by SoftSwiss CFO Pavel Kashuba, to convert gambling proceeds into crypto
Whistleblower leaks described CoinsPaid’s alleged involvement in processing disguised illegal gambling transactions in Australia and Germany.
Formal Legal Admission of a Single Group
In 2025, a joint filing at the World Intellectual Property Organization (WIPO) inadvertently exposed the truth: SoftSwiss, Hollycorn N.V., CoinsPaid, and CFO Kashuba formally declared themselves to be “part of the same overarching group.”
This admission, the report says, destroys the long-standing narrative of SoftSwiss being merely a tech vendor.
Links to Sanctioned and Criminal Networks
The report also ties the network to:
- Orakum N.V. in Curaçao, operator of Megapari and Betwinner, both linked to fugitive founders of the Russian syndicate 1xBet
- Marikit Holdings Ltd, sanctioned by Ukraine for 50 years
Despite sanctions, SoftSwiss allegedly continued providing infrastructure and payment processing.
Growing Scrutiny for Curaçao’s Online Gambling Sector
Because key entities in the network—Direx N.V., Dama N.V., Hollycorn N.V., Orakum N.V.—operate under Curaçao eGaming licenses, the report raises renewed concerns about the island’s regulatory vulnerabilities.
The document concludes starkly that SoftSwiss operates as “a unified illegal enterprise”, built to exploit fragmented oversight and push into markets where gambling is restricted or prohibited.
Authorities in multiple jurisdictions are expected to review the findings in the coming weeks.
Source: The SoftSwiss Papers by João Mar, Lead Forensic Investigator GAMRS LTD (a company owned by Deal Me Out CIC)