[WHISTLEBLOWER LEAK] The Shadow Empire

Insider Evidence Reveals Hidden Ties Between CoinsPaid, AlphaPo, and SoftSwiss

A trove of internal communications disclosed by a senior insider has effectively dismantled the long-claimed separation between CoinsPaid and the infamous AlphaPo. The leaked materials point to a deliberate strategy orchestrated by CEO Max Krupyshev and Head of Legal Maria Akulenko to conceal financial and operational dependencies between the two entities. These include an opaque loan arrangement originating from AlphaPo and overlapping executive control. As Lithuania’s MiCA enforcement intensifies and the regulatory “guillotine” falls, the real dimensions of this so-called “Shadow Rail” network are becoming visible.

Analysis: The Decisive Proof Linking CoinsPaid and AlphaPo

For years, the Dream Finance Group, operating under the brands CoinsPaid and CryptoProcessing, promoted itself as a compliant, regulation-driven crypto payment processor with a strong focus on security. However, newly obtained insider evidence from a verified former manager — including screenshots from WhatsApp and Slack — demonstrates that CoinsPaid and AlphaPo (AP) were not merely commercial partners. Instead, they functioned as interconnected components of a single covert infrastructure serving the high-risk iGaming sector.

1. Max Krupyshev and the Overlapping Executive Control

Leaked WhatsApp messages show Max Krupyshev, CEO of CoinsPaid, directly engaging in discussions about AlphaPo’s liquidity position and operational stability with Chainalysis investigators.

Key Findings:

• The whistleblower confirms that Krupyshev simultaneously held an executive position at AlphaPo while serving as CEO of CoinsPaid.
• This dual role represents a significant conflict of interest and a serious regulatory warning sign.
• The structure suggests CoinsPaid acted as the publicly acceptable, regulated interface, while AlphaPo operated as the high-risk processing rail in the background.

Krupyshev’s involvement in AlphaPo’s liquidity challenges — particularly during the period surrounding the $60 million Lazarus Group hack — strongly implies centralized risk management across both entities rather than true operational independence.

2. Maria Akulenko and Compliance as an Instrument of Concealment

One of the most damaging disclosures involves Maria Akulenko (LinkedIn), former Head of Legal and Compliance at CoinsPaid.

Internal Communications Reveal:

• Slack messages show Akulenko explicitly instructing internal teams to “never use AP [AlphaPo] and CoinsPaid issues in the same email communication.”

Interpretation:
Akulenko, who regularly represented CoinsPaid in MiCA-related regulatory discussions in Brussels, appears to have actively constructed an artificial legal separation between entities she knew were financially and operationally intertwined. Rather than promoting transparency, the compliance function was used to prevent the creation of traceable documentation. This deliberate compartmentalization of information is a textbook indicator of financial obfuscation.

3. The AlphaPo–Dream Finance Loan Arrangement

The insider disclosures closely align with independent reporting by FOCOS and El Salvador Now concerning a loan of approximately $1 million (or up to $2.1 million across multiple tranches) issued by AlphaPo to a Dream Finance entity in El Salvador.

Context and Implications:

• AlphaPo functioned as a fiat-to-crypto conversion buffer for offshore casinos.
• Providing capital to Dream Finance indicates AlphaPo’s role extended beyond payment services into direct financial support.
• Funding a supposedly regulated EU-based group using capital from a high-risk entity later associated with North Korean money-laundering operations represents an extreme compliance failure.

Regulatory Pressure and the “Guillotine” Effect

The timing of these leaks is not coincidental. Following the RatEx42 blacklisting of Dream Finance and the suspension of its Lithuanian license (Dream Finance UAB), the group appears to have entered an aggressive de-risking phase. The liquidation of affiliated entities in Poland and El Salvador, previously reported by Scam-Or Project, now appears to be an effort to dismantle corporate links that these internal communications clearly substantiate.

At the center of this network remains SoftSwiss. By relying on CoinsPaid and AlphaPo as captive payment rails, SoftSwiss established a closed ecosystem enabling gambling proceeds to be processed, converted, and cycled beyond the effective oversight of European regulators.

Call for Evidence: Scam-Or Project Whistleblower Section

While critical parts of the structure have been exposed, additional documentation is required to fully trace the financial flows. We are seeking:

• Records detailing the SoftSwiss–AlphaPo–CoinsPaid ownership or control structure
• Evidence of additional loans or inter-company transfers involving Dream Finance OÜ (Estonia) and AlphaPo
• Information on the “New Bridge” strategy proposed to merchants following the Lithuanian shutdown

Submit information securely and anonymously via the Scam-Or Project whistleblower section. Source protection and confidentiality remain our top priority.