Vladimir Gorbunov: “Cryptofounder” at the Center of a Recycling Crypto Banking Ecosystem

Overview

Russian entrepreneur Vladimir Gorbunov publicly styles himself as a visionary “cryptofounder.” In practice, he appears to sit at the core of a tightly connected cluster of brands and entities – Crypterium, Choise.com / Choise.ai, vbanq, Vault.ist, and associated offshore companies – that has left thousands of users facing severe losses, frozen balances, and unresolved claims.

Corporate records, marketing materials, and liquidation filings indicate that the same small group of founders and legal entities repeatedly resurfaces as projects are rebranded, wound up, and then relaunched under fresh names. This continuity of people, infrastructure, and technology, combined with opaque, cross-border corporate structures, raises serious questions for regulators and underscores the need for insider testimony.

1. Background and Timeline

Gorbunov’s own LinkedIn profile and public interviews outline a clear development path for his crypto ventures:

• 2017 – Crypterium & CRPT ICO
• Launch of Crypterium AS in Estonia and the CRPT token sale.
• Marketing promises: a “cryptobank for cryptopeople,” offering banking-style services for digital assets and card-based spending.
• 2022 – Rebrand to Choise.com / Choise.ai
• Crypterium is rebranded as Choise.com / Choise.ai, described by Gorbunov as “the next step in the development of Crypterium.”
• Built on the same infrastructure, with largely the same tokenomics and a new CHO token, framed as a continuation of the original story.
• 2023 and beyond – Vault.ist and vbanq
• Launch of Vault.ist and vbanq as “crypto-friendly banking” and white-label / API solutions.
• Gorbunov explicitly states these products are fully based on the existing Choise/Crypterium infrastructure.

In public comments, Gorbunov has referred to Vault as “one of the leading digital/crypto banking companies worldwide” and stressed that its infrastructure is “fully built on the foundation of Choise.com’s infrastructure,” into which, he claims, tens of millions of dollars have been invested. This implies the same underlying stack, the same “crypto-fiat banking” logic, and overlapping teams – repackaged under new brand identities.

Despite boasting of investments in the $35–60 million range and “over $1 billion” in project capitalization at the start of 2022, holders of CRPT and CHO tokens have seen their positions collapse by more than 99%, and Choise’s main EU VASP entity is now in liquidation. This naturally raises the question:

Whose capitalization was actually being built – and whose money paid the price?

2. Key Facts – Snapshot of the Ecosystem

2.1 Key Facts Table

3. Narrative Profile – From “Cryptobank” Pioneer to Serial Rebrander

Gorbunov first gained prominence in the crypto space as one of the founders of Crypterium, which ran a 2017 ICO promising a “cryptobank” that would allow crypto card payments and streamlined spending. Rankings such as KPMG’s Fintech100 and independent industry write-ups list him among the key figures at Crypterium, alongside Gleb Markov, Austin Kimm, and other executives.

In June 2022, Gorbunov personally announced the transformation of Crypterium into Choise.com, calling it the “next step in Crypterium’s evolution” and positioning it as a MetaFi ecosystem that merges CeFi and DeFi to create “new ways to earn more.” Choise.com introduced:

• interest-bearing accounts and yield products,
• NFTs and new token incentives,
• the CHO token as the flagship asset,
• and a narrative that clearly framed Choise as the natural successor to Crypterium.

Parallel to the product rollout, Gorbunov cultivated a media image as a sophisticated fintech innovator with “projects exceeding $1 billion in capitalization,” appearing on podcasts and interviews discussing proof-of-reserves, risk controls, and regulatory compliance. (Source)

By 2024–2025, however, the picture looks very different:

• UAB Choise Services in Lithuania now holds the official status “Under Liquidation” in the national registry. (Source)
• Users on LinkedIn, Trustpilot, and other channels complain about funds frozen for months, slow or partial settlements, and large realized losses, even as the group maintains that the liquidation process follows Lithuanian law.
• Social-media critics openly label Crypterium/Choise tokens and NFTs as “scamcoins,” often naming Gorbunov and his close associates. These allegations are disputed by Gorbunov and the companies involved.

While this liquidation unfolds, new brands move into the spotlight:

• Choise.ai – described as an AI-driven RWA and crypto-fiat infrastructure platform. (Source)
• Vault.ist / vbanq – marketed as “Digital Banking-as-a-Service” and a “crypto-friendly banking platform” offering white-label cards, accounts, and digital asset services for partners.

Corporate bios and registry summaries now present Gorbunov as founder of Choise.com and Crypterium, and as founder at Vault.ist – effectively repositioning the same “crypto banking” vision as a B2B infrastructure product. (Source)

This leads to a core dilemma:

Is this continuous innovation – or a troubled scheme that repeatedly changes branding as user losses mount and regulatory pressure increases?

4. Regulatory and Legal Observations

Projects linked to Gorbunov have frequently showcased EU licensing, PCI/ISO certifications, and other credentials for Choise.com, presenting it as a “licensed, fully regulated financial institution in the EU.”

However:

1. Liquidation of the core Lithuanian entity
• The central EU operating company, UAB Choise Services, is being wound down.
• Meanwhile, newer brands emphasize AI, real-world assets (RWA), and Banking-as-a-Service (BaaS), shifting activity toward entities in the UAE, Czech Republic, Delaware, and other jurisdictions. (Source)
2. Discrepancy between marketing claims and contractual reality
• Promotional materials emphasize that platforms are “regulated,” “safe,” “insured,” and “fully compliant.”
• Yet publicly accessible Terms of Service for Choise.com contain clauses allowing the platform not to return assets used as collateral or income-generating instruments in scenarios such as bankruptcy or liquidation.
• Many retail users, who believed they were dealing with a conventional, protected financial service, appear to be only now discovering these limitations.
3. Criminal status
• At the time of writing, there is no public record of a criminal conviction against Vladimir Gorbunov in connection with Crypterium, Choise, Vault.ist, or vbanq.
• Nonetheless, the mix of ICO-era fundraising, complex cross-border corporate structures, high-risk yield products, and a contentious liquidation process naturally attracts attention from regulators, banking partners, and law-enforcement bodies.

5. Compliance Analysis – Patterns That Require Clarity

From a compliance, AML, and investor-protection angle, several recurring patterns in Gorbunov’s ecosystem warrant deeper scrutiny.

5.1 Serial Rebranding with the Same Control

• The sequence Crypterium → Choise.com → Choise.ai → Vault.ist / vbanq consistently features:
• similar promises of “crypto banking,” cards, yields, and DeFi/CeFi integration;
• overlapping leadership teams, with Gorbunov repeatedly cited as founder, CEO, or strategic architect.
• Each new cycle introduces updated branding and buzzwords (from “cryptobank” to “MetaFi”, then “AI” and “BaaS”), while legacy users struggle to unlock funds or recover value.

5.2 Jurisdiction Hopping and Offshore Anchors

• The network spans Estonia, Lithuania, Cyprus, the UAE, Czech Republic, Delaware, and various offshore centers.
• Multiple registrations as VASP/MSB or similar are difficult for retail users to interpret, particularly when layered through holding companies and service providers.
• This geographic spread can complicate effective oversight and user recourse.

5.3 Gap Between Public Messaging and Legal Position

• Marketing emphasizes regulation, insurance, and safety;
• Legal documentation emphasizes that some assets may not be recoverable, and that users’ claims are subject to complex procedures, deadlines, and creditor hierarchies.

5.4 Divergent Outcomes: Founders vs. Users

• Public narratives speak of billion-dollar capitalizations, awards, and “leading” status in digital banking.
• Many token holders and account users report almost total losses, lengthy withdrawal delays, or blocked accounts.

These elements collectively sharpen the central question:

Has Gorbunov’s “cryptobank” model genuinely served its users – or has risk been systematically shifted onto them while the underlying corporate shell keeps being rebranded and redeployed?

6. Call for Information

Scam-Or Project regards Vladimir Gorbunov and the Crypterium / Choise / Choise.ai / vbanq / Vault.ist constellation as a high-risk structure that deserves close examination from regulators, banks, card schemes, and law-enforcement authorities.

To move from suspicion and public complaints to verifiable evidence, insider documentation is essential, including but not limited to:

• internal memos, investor presentations, or instructions issued during liquidation;
• contracts between Choise entities and Vault.ist / vbanq, as well as agreements with banks, PSPs, and card issuers;
• evidence showing how user funds, collateral, and token sale proceeds were actually managed and allocated;
• KYC/AML manuals, internal risk assessments, or correspondence with regulators, supervisors, and liquidators.

If you are or were:

• an employee,
• contractor or consultant,
• a partner bank or payment provider,
• or an affected user,

you can securely submit documents and information through the Scam-Or Project whistleblower section.

Your contribution can help establish who truly controls this network, how money has flowed within it, and whether users are being treated in accordance with the law – or systematically left to absorb the losses.