Many in this space that follow Zerononcense, have seen posts that mention an entity named ‘Coingaming Group’ — but there are few that are aware of who Coingaming Group actually is.
Thus, the purpose of this post will be to dissect Coingaming Group and how they play a much larger role in the grand scheme of fraud that is taking place in the cryptosphere.
Coingaming Group’s existence only became known to Zerononcense via mere circumstance during an independent investigation conducted by one of Zerononcense’s staff members.
Specifically, Zerononcense did not become fully aware of Coingaming Group until a few months ago, when Zerononcense performed an in-depth analysis of HitBTC’s Bitcoin reserves.
What made Coingaming Group’s presence stand out were the noted, substantial transactions between Coingaming Group and HitBTC.
This observation was made using Crystal Blockchain Software.
Check out the picture below (from the original report):
The picture above shows HitBTC receiving 288,391 bitcoins from an entity labeled as ‘Coingaming.io’ by Crystal’s platform.
Obviously, such a substantial amount of bitcoins being transferred from one entity to HitBTC, specifically, out of the universe of alternative exchange options, demanded greater scrutiny from Zerononcense.
For this report, we’re going to go ahead and take a closer look at Coingaming.io and closely strongly its wallet, specifically, as well as assess whether we can dissect reasons behind:
Why Coingaming(.)io would have access to such a significant store of funds
Why Coingaming(.)io made the conscious choice to send a substantial bulk of those funds to HitBTC (out of all exchanges)
‘Who’ the Coingaming(.)io entity is, and how Crystal Blockchain was able to classify them
Where Coingaming(.)io is located [as well as verification for this information]
And several other relevant items.
Before diving in headfirst with a blockchain analysis, we’re going to first answer the question of, ‘Who is Coingaming(.)io?’
To be clear, Coingaming(.)io refers to the web address where the company is located.
However, the name that this entity is doing business as currently is ‘The Coingaming Group’.
Obviously, their primary website address is at Coingaming(.)io.
The next logical question to ask is, ‘What is Coingaming Group?’
The answer to that question is simple — Coingaming Group is a gambling operator.
The ‘about’ page of the website provides a bit more information about the exact nature of Coingaming Group’s existence:
Notably, the group owns the following betting platforms:
Specifically, the CEO of Coingaming is an individual named, ‘Tim Heath’.
This is corroborated in numerous sources, including by Coingaming themselves.
Interestingly, there is little additional substantive information about its actual location or base of operations.
It is at this point that greater information about Coingaming Group becomes difficult to ascertain.
However, numerous public sources have identified Curacao as the central location where Coingaming Group’s licenses are held.
In specific, the website, ‘igamingsuppliers’ (website does not have a certificate, use caution before visiting) attests to Coingaming Group’s license being here:
Fortunately, more concrete information about Coingaming(.)io’s license can be found via an archived version of their website (see below):
The text on the furthest right portion of the screen states:
“ CoinGaming.io is licensed to conduct online gaming operations by the government of Curacao under the gaming license 8048/JAZ2013–008”
Upon visiting the linked license number in the picture above, the following page is provided:
The relevant information above tells us that mBet Solutions N.V. is the parent company for Coingaming Group (as one of the cited sources in this report attest), and that the authority responsible for providing Coingaming Group’s license is the Government of Curacao.
However, the page above is merely a screenshot from an archived snapshot of the license, taken in 2015.
Thus, in order to validate this information, we will see if we can ascertain the license status of Coingaming Group and all affiliated subsidiaries (listed above) in the next section.
The website responsible for validating the license information of registered gaming entities in Curacao is https://validator.curacao-egaming.com
Below is more information about this validation process:
At the time of writing, sportsbet(.)io’s website states that it is licensed by the Government of Curaçao.
However, similar to Sportsbet(.)io, it appears that Bitcasino’s license is also invalid currently:
What is troubling, however, is the footer picture for bitcasino(.)io on one of the subpages of their website underneath the ‘help terms and conditions’ section (see below):
If one looks closer, it can be seen that the ‘seal’ for eGaming (provided by the validator website), is showing that the license for Bitcasino is valid at this point in time:
As a refresher see the following validation guide, provided on the curacao-egaming website:
According to the guide above, Bitcasino’s logo on their site is indicating that they are in good standing, when they clearly aren’t.
Strangely, upon clicking on the seal, a version of the Curacao eGaming License Validation website comes up that states that the license for Bitcasino is valid :
Further sifting around the website strongly indicates that there may be tampering of some sort on the part of bitcasino(.)io to render a webpage that displays a valid gaming license in Curacao.
In order to figure that out, the next best course of action to take would be investigating mBet Solutions N.V., the entity that allegedly serves as the parent company for Coingaming(.)io, bitcasino(.)io, sportsbet, and all other affiliated entities (there are numerous).
A cursory search takes us to a bitcointalk post by Bitcasino that outlines some of the facets of the mBet Solutions enterprise:
This lead takes us to two individuals of interest:
A) Antonius Andrianus Simonis
B) Vivian V. Ersilia
A search for Antonius Andrianus Simonis takes us to the U.K. business records at beta.companieshouse.gov.uk.
Specifically, it can be seen that Antonius was once the director of a company called, ‘Arsinoe Investments Company Limited (00964663)’.
A search on Arsinoe Investments Company Limited (00964663) takes us to Intertrust (Curacao) BV:
Notably, in the above listing, there is an address that is associated with the company in question — Intertrust (Curacao) BV:
This address takes us back to the Offshore Leaks:
Below is a further expanded node chart:
Notably, the name that is directly connected to this address is an individual named ‘Gregory Elias’.
Gregory Elias is the owner of United International Bank N.V. (Netherlands), so this connection is fairly massive.
Several reports online, including a long-form piece by Krebsonsecurity, have exposed the improprieties of a program called epassporte, a well-known scam attached to an individual named ‘Christopher Mallick’.
Gregory Elias was attached to the company as the primary banker (see below):
There are other notable aspects of Gregory Elias’ background that this report could dig into, that it will refrain from doing for the time being.
The additional connections will be shelled out in a later issue.
The only other individual attached to mBet Solutions N.V. directly in the Panama papers is Vivian V. Ersilia.
An initial search shows an emphasis on the company name, ‘CMS Trust N.V.’:
Curiously, there is a holding company attached to this entity called, ‘Goldville Holdings Limited’, which has two companies titled:
A) Worff Securities Limited
B) Cotillion Trust Company Limited
Below is data regarding the Coingaming.io entity from Crystal Blockchain: