Rabidi N.V.’s collapse in 2024 did not end scrutiny over SoftSwiss’s role in online gambling’s shadow economy — instead, it became a gateway into a broader multi-jurisdictional picture of corporate layering, crypto payment infrastructure, and alleged regulatory bypassing.
A detailed forensic report shows Rabidi’s operations were absorbed by a Marshall Islands entity while payment processing and trademarks stayed with Cyprus-based firms, all connected through networks tied to SoftSwiss founder Ivan Montik and financiers Roland Isaev and Paata Gamgoneishvili.
Critics argue this evolution reflects a strategic adaptation — migrating brands and finances into new corporate shells as regulatory pressure mounts, yet maintaining the underlying crypto rails that drive deposits and payouts. Entities such as CoinsPaid and Merkeleon are central here, functioning as bridges between fiat and crypto while shielding transaction origins, a hallmark risk factor for AML concerns.
The Rabidi case thus amplifies the notion that the SoftSwiss network functions not just as a software vendor but as a global liaison between unregulated gambling brands and decentralized finance, raising red flags for tax transparency and financial system integrity.