An investigative report published by GAMRS LTD on December 11 as the first installment of “The SoftSwiss Papers” alleges that SOFTSWISS covertly controlled a vertically integrated network in which the platform provider, casino operators, and crypto payments infrastructure were effectively part of the same ecosystem.

According to the report’s authors, the alleged architecture relied on Curacao-registered entities most notably Direx N.V. (described as formerly incorporated as “SoftSwiss N.V”. and later renamed), with the liquidation process reportedly handled by SOFTSWISS Chief Commercial Officer Maksim Trofimovich before assets and brands moved under a new parent, Dama N.V.

What the report claims about ownership and a “single group” admission

The investigation asserts that several crypto-facing casino brands including Anonymous Casino, BitStarz, and 7BitCasino previously listed “SoftSwiss N.V”. and “Nabelse Holdings Limited” among ownership details, with Ivan Montik named as a beneficiary. It further alleges that, following corporate reshuffling, the brands were transferred under Dama N.V. (a Curacao entity frequently cited online as an operator behind multiple casino sites).

A key plank in the report’s argument is a 2025 WIPO domain-name dispute decision, which records that the complainants Stable Aggregator Limited (described as the IP holding company for the SoftSwiss Group), Hollycorn N.V., Dream Finance OÜ trading as CoinsPaid, and CFO Pavel Kashuba stated they “form part of the same overarching group” founded by the CEO of the SoftSwiss Group.

Sanctions exposure allegations and links to Russia-facing operators

The authors also connect the SOFTSWISS ecosystem to operators appearing on Ukraine’s sanctions lists, arguing that infrastructure and processing links may have allowed sanctioned or high-risk brands to continue operating. Ukraine’s 2023 sanctions package related to gambling entities was widely reported as imposing restrictions for up to 50 years under Presidential Decree No. 145/2023.

One example cited is Marikit Holdings Ltd, described in sanctions databases as sanctioned by Ukraine from March 2023 through 2073; the report alleges its Megapari-branded casino continued to operate using SOFTSWISS-linked infrastructure and CoinsPaid processing. The investigation further points to Orakum N.V. and brands such as 1xSlots, Megapari, and Betwinner described as “white-label” operations linked to the broader 1xBet ecosystem though these claims have not been adjudicated in court.

Source: https://www.linkedin.com/posts/jo%C3%A3o-mar-829983262_the-softswiss-papers-part-i-activity-7404792061113102336-GAF3?trk=public_post_comment-text