The Wolf of Sofia: Gal Barak, Marina Andreeva, and a Web of Offshore Entities

Court Disruption Delays Extradition Proceedings

A bomb threat at the Palace of Justice in Sofia recently postponed a critical hearing on the extradition of Gal Barak to Austria. The delay has effectively allowed Barak—often dubbed The Wolf of Sofia—and his partner Marina Andreeva to continue overseeing their suspected broker scam operations from within Bulgaria. Although Barak was arrested in early 2019, he was released into house arrest on the basis of alleged health concerns and has since resumed his role in managing the organization.

Time Is Running Out

Inside sources close to the Barak-Andreeva circle suggest mounting financial pressure and liquidity issues. The organization, according to those familiar with the situation, is facing multiple legal complaints and criminal investigations across Europe. Among the entities under scrutiny is Matching Blue Consulting S.L., which has been linked to the now-defunct broker scam Golden Markets—a firm that has drawn formal warnings from authorities including the UK’s Financial Conduct Authority (FCA).

Barak, Marina Andreeva, and Kfir Levy appear to be working actively to stabilize the operation. However, the need for capital remains pressing, especially as legal exposure grows.

A Dangerous Turn: Alleged Threats and Lawsuits

Further complicating Barak’s legal position is a €5 million lawsuit filed by former business associates from Global Payment Solutions Podgorica DOO, who claim to have been victims of fraud. Alarmingly, these former partners also allege that Barak issued a kill order against them. Barak allegedly issued similar threats to investigative journalists covering his operations, though no formal charges related to this have been confirmed.

Additionally, Payvision, a long-standing payment partner in the network, reportedly froze all payment processing after the arrest of Barak’s associate Uwe Lenhoff. The closure of DreamsPay soon followed.

The Offshore Maze

Since Barak’s arrest, Marina Andreeva, acting as CFO of the operation, has been aggressively working to extract and launder funds via a network of offshore shell companies. Many of these entities are reportedly managed through Offshore EOOD (website), a Bulgarian trust firm operated by Maria Varsanova. According to internal disclosures, the following companies have been listed under her administration on behalf of Barak and Andreeva:

These companies serve various functions—some as payment gateways, others as platform hosts, and many as facades for fund movement. GPAY LTD, in particular, is a central node, not only running XTraderFX but also processing transactions for other scam operations within the same network.

This list reflects only the companies formally associated with Varsanova’s firm; additional undisclosed structures may still be active.

Urgent Call for Bulgarian Enforcement

As investor losses mount across the European Union, there is growing concern that Bulgarian authorities have yet to take sufficient action beyond addressing extradition requests. Legal observers suggest it is time to consider charging Marina Andreeva, whose continued involvement poses an ongoing threat to EU consumers.

Final Question: Where Is the Money?

With broker platforms dissolved, websites offline, and payment channels collapsing, the key question remains unanswered: Where are the stolen funds? Investigations are ongoing, but observers agree that the offshore trail must be fully unraveled to bring resolution and justice.