R4I – The Latvian Racket, Estonian crypto payment processors MisterBit, Isunext, and Praxis Cashier

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Once again, we ask for the support of our whistleblowers to supplement the information we have and to be able to create complete profiles from it. In the last few days, we have discovered two scams, Zurich Invests (here) and XFinances (here), where the Cypriot Praxis Cashier of Amit Klatchko, together with MisterBit of Cristiano Chiarugi, licensed in Estonia as a crypto payment processor, acted as payment facilitators. Also, we have received information suggesting a connection between MisterBit and Estonian Isunext.

The Latvian Racket

Pavels Krasovskis beneficial owner and managing director of Inexus and XFinances

Isunext (www.isunext.com) is the trading style of the crypto payment processor XFinances OÜ, registered and licensed in Estonia by the FIU as the competent regulator. The beneficial owner of XFinances OÜ is Latvian Pavels Krasovskis, born in June 1973. Here our whistleblowers established interesting connections:

The circumstantial evidence suggests that this Latvian group is connected to both the scams and the payment processor Isunext. Let’s call it the “Latvian Racket” for now. However, the connections continue to expand.

MisterBit and Isunext

Cristiano Chiarugi beneficial owner and managing director Futurus X

In a presentation of Isunext available to us, MisterBit is stated as the creator. Is this a coincidence? Most certainly not!
MisterBit (www.misterbit.net) is the trading style of the crypto payment processor Futurus X OÜ, which the Estonian regulator FIU regulates and supervises (or at least should do so). Its beneficial owner is Italian Cristiano Chiarugi, born in April 1972.

Ivan Abramov, born in Feb 1984, is registered as a director of Futurus X. This is likely to be a nominee director who also serves as Managing Director in another 15 Estonian companies.

Praxis Cashier, Scams, and MisterBit

The unregulated Cyprus-based payment processor Praxis Cashier has recently joined forces with MisterBit to support some broker scams such as XFinances and Zurich Invests.

We will like to have more information to document the network around these three companies in detail.

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