Unraveling the High-Risk Ventures of Payabl: The Troubling Ties to SoftSwiss and CoinsPaid

The founders of Payabl, Dietmar Knoechelmann and Ruediger Trautmann, are not merely fintech entrepreneurs; they are deeply intertwined with the controversial legacy of Wirecard. Their involvement in the Wirecard scandal and questionable acquisition strategies is far from coincidental. With Payabl, they seem to be reviving a similar high-risk business model that includes online gambling, aggressive media intimidation, and dubious partnerships. A recent collaboration with CoinsPaid, which involves a SLAPP lawsuit based on allegedly forged documents, serves as a stark warning of their tactics.

Knoechelmann and Trautmann held significant executive positions during Wirecard’s most tumultuous growth phase. Knoechelmann was implicated in Gateway Financial deals that were linked to illegal gambling and shareholder fraud. Meanwhile, Trautmann, who served as Wirecard’s COO, later joined forces with Knoechelmann in various ventures, ultimately co-founding Payabl. The business model of Payabl mirrors that of Wirecard, focusing on high-risk sectors such as gambling, adult content, and online trading, while employing legal intimidation as a strategy. Notably, Payabl has threatened legal action against Scam-Or and has attempted to erase critical coverage by filing removal requests with Google.

The shady history of Knoechelmann is particularly revealing. According to a forensic analysis by J Capital Research, he played a crucial role in structuring dubious acquisitions that inflated Wirecard’s balance sheet. One notable case involved Gateway Payment Solutions, a company linked to online gambling and related-party fraud. Knoechelmann and his associate John Carbone faced accusations in Canadian courts for orchestrating a fraudulent merger that stripped a company of its assets for personal gain. This acquired company processed payments for BingoWorkz, a gambling network based in Cyprus, and Knoechelmann’s Gateway entity was also involved with illegal gaming operators. Wirecard’s acquisition of Gateway further embedded these questionable assets into its operations.

Ruediger Trautmann, who was Wirecard’s COO from 2005 to 2010, was well-acquainted with these high-risk tactics. After leaving Wirecard, he became a director of companies linked to Knoechelmann, such as FX Currency Services Ltd. and Forex Trading Platform Ltd. This partnership continued as they transitioned into their new venture, Payabl.

As of 2024, Payabl is making moves that are strikingly reminiscent of Wirecard’s strategies. The company focuses on high-risk verticals, including gambling and grey-market online trading, while maintaining an opaque corporate structure registered in Cyprus. They have also employed SLAPP lawsuits to silence media critics, including FinTelegram and Scam-Or, and collaborated with CoinsPaid, another processor accused of facilitating questionable transactions, to file allegedly forged documents in court.

This pattern is not one of innovation but rather a replication of Wirecard’s strategy: inflate, obfuscate, and litigate. Given their past, it is unsurprising that Knoechelmann and Trautmann have chosen to establish another high-risk payments business in a regulatory grey area. What is alarming is the audacity with which they attempt to stifle media scrutiny and their troubling partnership with CoinsPaid in a potentially fraudulent legal campaign.

At Scam-Or, we are compelled to ask critical questions: What are Payabl and CoinsPaid attempting to conceal? Why replicate the Wirecard playbook, complete with legal threats and press intimidation? How far will Knoechelmann and Trautmann go this time, and who is monitoring their actions?

We have witnessed this narrative before, and the outcome is well-known.

In the realm of online casinos and cryptocurrency exchanges, companies like SoftSwiss and its affiliates, including CoinsPaid, have faced numerous allegations of money laundering and fraudulent activities. Key figures such as Ivan Montik and Max Krupyshev are central to these controversies.

Operating in the niche market of online casinos brings significant legal challenges. SoftSwiss, through its alleged parent company Dama NV, has incurred multimillion-dollar fines for failing to comply with gambling regulations. Dama NV is closely associated with Direx NV, another gambling entity that faced scrutiny from the Australian Communications and Media Authority in 2019. The leadership of Direx NV, including Ivan Montik and Maksim Max Trafimovich, has been linked to legal representation from REVERA, a firm with strong ties to SoftSwiss executives.

SoftSwiss and its associated entities, including CoinsPaid, AlphaPo, Merkeleon, and Dream Finance, are no strangers to allegations of money laundering, sanction evasion, and fraudulent activities. Key individuals, such as Ivan Montik, Max Krupyshev, Pavel Kashuba, Dmitry Yaikov, Roland Yakovlevich Isaev, and Paata Gamgoneishvili, are at the center of these controversies.

Moreover, many individuals associated with these companies, primarily of Belarusian nationality, have been accused of facilitating crypto transactions for the Russian market, allegedly aiding in sanction evasion and obscuring illicit financial trails.

This intricate web of connections and legal troubles highlights the precarious nature of the online gambling and cryptocurrency sectors. The intertwining of companies like SoftSwiss, CoinsPaid, and their affiliates raises significant concerns about regulatory compliance and ethical business practices.

The Ripple Effect of Regulatory Scrutiny

The scrutiny faced by these companies is not merely a matter of legal compliance; it has broader implications for the entire industry. The ongoing investigations and allegations of money laundering and fraud can undermine consumer trust and lead to stricter regulations that could stifle innovation. As authorities become more vigilant, companies operating in these high-risk areas must navigate a complex landscape of laws and regulations, often with little room for error.

The Role of Key Individuals

Key individuals within these organizations play a crucial role in shaping their strategies and responses to legal challenges. Figures like Ivan Montik and Max Krupyshev are not only at the center of these controversies but also represent a network of influence that can impact the direction of the companies involved. Their decisions and actions can either mitigate risks or exacerbate existing problems, making their leadership critical to the future of these enterprises.

The Future of Payabl and Its Associates

As Payabl continues to operate in this high-risk environment, the question remains: how will it adapt to the increasing scrutiny and potential legal challenges? The company’s reliance on aggressive tactics, such as SLAPP lawsuits and media intimidation, may provide short-term benefits but could lead to long-term repercussions. The potential for backlash from regulators and the public could jeopardize its operations and reputation.

Moreover, the collaboration with CoinsPaid raises further questions about the integrity of their business practices. If these companies are indeed engaging in questionable activities, they may find themselves facing not only legal challenges but also a loss of credibility in the marketplace.
Conclusion: A Cautionary Tale

The saga of Payabl, Knoechelmann, and Trautmann serves as a cautionary tale for the fintech and online gambling industries. It underscores the importance of transparency, ethical practices, and regulatory compliance in building sustainable businesses. As history has shown, the allure of high-risk ventures can lead to significant consequences, both for the companies involved and for the broader financial ecosystem.

As we continue to monitor the developments surrounding Payabl and its associates, it is essential to remain vigilant and question the motives behind their actions. The past may be repeating itself, but the future is still unwritten. The industry must learn from these lessons to foster a more responsible and transparent environment for all stakeholders involved.

In the end, the narrative of Payabl is not just about two individuals or a single company; it reflects a larger pattern of behavior that could have lasting implications for the fintech landscape. The stakes are high, and the need for accountability has never been more critical.