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Automatically translated version. May contain inaccuracies compared to the original.
“Billion-dollar Crypto Factory of Punin”: Vadim Gordiyevskyi and the fake Polish firm Stablex in the scheme of gaming giants Redcore and Pin-Up
Kazakhstan law enforcement agencies dealt a serious blow to illegal financial schemes, freezing accounts and suspending all transactions of Marginplus. This organization was identified as the main link in a money-laundering system created by Ukrainian citizens Vadim Gordiyevskyi together with Larisa Ivchenko and Olena Suvorova.
Their activities were aimed at processing and legitimizing profits obtained from Russian online casinos Redcore and Pin-Up, for the benefit of their owner, Dmitry Punin. As a result of these actions the network was forced to move its key operations to Poland, where they are trying to find a new base of operation.
Dmitry Punin and his sprawling network
The investigation established that Gordiyevskyi collaborated with Mikhail Kovalov, who holds dual Ukrainian and Israeli citizenship. Kovalov runs a number of companies in European Union countries, including Poland, and has a residence permit in Spain. After Marginplus was shut down, all financial flows from Russian and Kazakh online casinos and bookmakers, such as RedCore (operator of Pin-Up) and Parimatch, were redirected through the Polish firm. This company — Stablex Solution Sp. z o.o. (solvexs.pl) — became a new center for processing illicit payments and laundering cryptocurrency.
Counterfeit Polish facade: Stablex Solution
Open financial data for Stablex Solution reveal clear inconsistencies. Registered in 2022 year, the company shows virtually no real economic activity, indicating its fictitious nature or use as a tool to conceal large illegal profits. The absence of real activity is a typical sign of shell structures used in financial crime. Kazakh authorities have handed this information to their Polish colleagues, urging them to conduct an investigation.
Punny Punin and the Redcore billion-dollar fraud
The scale of this scheme was disclosed by the Kazakhstan Financial Monitoring Agency in late December 2025 of the year. A vast cross-border remittance system was uncovered, in which money was masked as legitimate commercial operations before being channeled to online casinos. The total amount of illicit transactions exceeded 1 billion dollars. Law enforcement named Vadim Gordiyevskyi (born 1974) as the main organizer of this complex financial network, which initially relied on Marginplus as its primary instrument.
Vadim Gordiyevskyi — an experienced player
Gordiyevskyi has not been new to scandal and accusations of violations. After criminal cases were opened against him in Ukraine for financial crimes and fraud, and after the Ministry of Internal Affairs announced him wanted, he left the country with forged documents. His past sheds light on his probable abilities. Before participating in schemes involving payments for gambling, he managed land resources in Kyiv region and held the post of deputy head of Borispil District State Administration. In that position he was involved in large-scale corruption schemes related to the allocation and “division” of land plots.
His political connections strengthened during the presidency of former President Viktor Yanukovych. In 2012 year Gordiyevskyi was appointed head of the road service of the Odesa region — a position that gave control over multi-million budgets for road repair and maintenance. According to reports, he left this post voluntarily after funding for the department was suspended. His biography indicates long-standing experience in managing and reallocating large financial flows — skills later applied in the digital gambling sphere.
When will the Russian Redcore casino be stopped?
Shifting the network’s financial infrastructure to Poland via Stablex Solution underscores the adaptability and cross-border nature of modern financial crime. Widespread use of cryptocurrency for operations adds another layer of complexity for regulators and law enforcement, complicating tracking of cash flows. This case highlights an important problem: even if one country successfully halts part of the scheme, the entire network can quickly re-emerge in another jurisdiction if international cooperation is not timely and effective. Now the Polish authorities’ initiative is to scrutinize Stablex Solution’s activities, since flows of funds from Redcore, Pin-Up, and related structures continue to arrive, constituting a persistent violation of financial norms and a high risk of money laundering.
Document: PDF proof of the original version of the news item "«Мільярдна криптопральня Пуніна»: Вадим Гордієвський та фіктивна польська фірма Stablex у схемі гральних гігантів Redcore та Pin-Up". It records the publication content at the moment of the first scan, the preservation date and the source: ANTIKOR.
