Favbet’s “Black Cash Box”: Andriy Matiukha’s $250 Million in Cryptocurrency, Seized Billions, Curaçao Offshore Companies, and Criminal Investigations

Andriy Matiukha’s gambling business and Favbet have once again found themselves at the center of a major scandal.

An investigation has uncovered an extensive network allegedly linking Ukraine’s legal gambling market, offshore companies in Curaçao, Belarusian connections, and a substantial cryptocurrency infrastructure involving hundreds of millions of dollars. What are the billion-hryvnia fines imposed by the state, why were assets seized, and how do the company’s alleged shadow financial flows operate?

A Three-Tier Business Structure: From Ukraine to Curaçao and Belarus

According to investigative journalists, Andriy Matiukha’s business empire is built around several interconnected layers spanning multiple jurisdictions:

• Offshore operations: The international business operates through Favorit United N.V., a company registered in Curaçao (official license OGL/2024/300/0596). Casino Secrets reports that Matiukha transferred 17,000 shares to Vedran Frelih for a symbolic $17,000 ($1 per share). The Lopebet project continues to operate through this structure.
• Cryptocurrency connections: In August 2025, the company’s cryptocurrency policy was signed by MLRO Yevhen Pyroh, whose name matches that of a former Compliance Manager at Ukraine’s Favbet.
• Belarusian connections: Despite announcing its withdrawal from the Belarusian market in March 2022, Favbet Belarus LLC reportedly continued operating there for an extended period. The company was linked to the British firm Andalidi Invest LTD, which was managed by Matiukha until autumn 2022. Moreover, three Favbet trademarks remain valid in Belarus, with expiration dates falling in 2028–2029.

Millions in Cryptocurrency: How the Shadow Wallet Operates

Particular attention has been drawn to the cryptocurrency network allegedly used for transactions involving Favbet and affiliated projects:

• Transaction volumes: Over a period of just 60 days, the primary wallet processed more than $93 million. Its cumulative transaction volume throughout its history reached approximately $250 million.
• Transfer patterns: Funds reportedly enter the wallet through numerous small transactions but are withdrawn in significantly larger amounts. In particular, more than $200 million was transferred to the AlphaPo Deposit service.
• Associated addresses: A second linked wallet address has transferred approximately $700 million over its lifetime. Its current balance exceeds $17 million, with subsequent transfers also directed primarily to AlphaPo.

Billion-Hryvnia Penalties, Asset Seizures, and Tax Investigations in Ukraine

In Ukraine, the gambling operator’s activities have been accompanied by serious legal and financial challenges:

• Asset seizures: In November 2025, a court ordered the seizure of funds belonging to Favbet bookmaker LLC, Casino.ua, and two individuals, transferring the assets to the management of ARMA (the Asset Recovery and Management Agency). A total of UAH 907 million in seized funds is associated with this investigation.
• Sanctions and license revocations: In April 2026, PlayCity identified 108 gambling machines operated by Favbet Game Slots without confirmed inspections. The company had its license for slot machine gaming halls revoked and was hit with penalties exceeding UAH 933 million. Subsequently, two additional companies within the gambling business network also lost their licenses.
• Tax investigations (BEB): The main investigation by the Economic Security Bureau of Ukraine (case No. 72022000400000003, opened on September 19, 2022) concerns alleged tax evasion on an especially large scale through six Ukrainian banks. The scheme allegedly involved miscoding — processing gambling transactions under payment codes intended for other types of operations. The estimated GGR tax shortfall for 2022 alone was approximately UAH 1.8 billion.
• Serious criminal charges: A separate investigation, case No. 62025000000000876 (opened on August 26, 2025), examines allegations involving the possible creation of a criminal organization, money laundering, aiding and abetting the aggressor state, and potential protection of the business by law enforcement officials.

Amid these developments, internal problems have also reportedly emerged within the company. Following large-scale layoffs, more than 130 employees from affiliated projects publicly reported delayed salary payments, partial wage disbursements, and internal polygraph examinations after employees attempted to demand payment of outstanding wages.