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Automatically translated version. May contain inaccuracies compared to the original.
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Trustee in Panama
The Seychelles shell MikePay LTD, which under a contract holds clients' cryptocurrency for Trustee Plus, was dissolved on 17 March 2025. The developer listed in the App Store and Google Play is the Panamanian Mikepay Inc. We checked who is behind it.
In Panama's public registry the company is recorded as the joint-stock company Mikepay Inc. The first entry in the change history is dated 12 March 2025. That is five days before the Seychelles MikePay LTD was removed from the registry. The Panamanian firm appeared exactly when the Seychelles one disappeared. Subsequent changes were made on 11 May and 30 June 2026.
According to the registry, seven people are associated with the company: directors and officers. Three are shown in the public access. The first is Ricardo Vasquez; his role is not shown in the public record.
The other two names are Ukrainian: Mykhailo Kutsenko and Danylo Demianenko. Each of them in the Panamanian registry is linked to only one company, namely Mikepay Inc.
These names will be familiar to those who follow Trustee.
Mike Kutsenko lists himself in his LinkedIn professional profile as Chief Operating Officer of Trustee and Trustee Wallet since May 2019.
Danylo Demianenko is publicly presented as Head of Growth, i.e., the head of Trustee's growth direction.
🔒 For years Trustee has explained that it operates through independent partners in different jurisdictions. Lithuanian UAB Trustee Global, Polish IROC PRO with capital of 5 thousand zlotys, Polish Quicko without a license, Seychelles MikePay LTD, which no longer exists. Instead, the Panamanian Mikepay Inc. has appeared, where, according to the registry, people with the names of Trustee's own managers are listed. It seems that the partners and the company itself are one team spread across offshore jurisdictions.
Our questions to Vadym Hrusha, Mykhailo Kutsenko, and Danylo Demianenko.
Are you directors or owners of the Panamanian Mikepay Inc.? Why was it created five days before the Seychelles MikePay LTD was dissolved? And which company today is responsible to clients for their cryptocurrency?
If you do not answer — we will. The registries in Panama are the “Panama Papers.” There will be a lot of interesting material.
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