In this piece, the entity, Crypto Capital Co (which is known to be located at the website, cryptocapital.co), will be connected to "Trust Token", with each of the connections detailed.
Several months ago, an individual by the name of "Mike" had passed on an invite into a group chat titled, 't.me/cryptonetworkgrp' .
A screenshot of this invite can be seen below:
Specifically, this individual defined it as, "A friendly networking group with lots of insiders".
Out of curiosity, this group was joined (along with the others), in order to ascertain more information about certain targets in the cryptosphere.
It was not until recently, that Librehash, in the process of scanning through its network for suspicious affiliations, recalled the correspondence with the Telegram user, 'Mike'. '
In searching through the conversation history, Librehash decided to double back to the "Cryptonetworkgrp" chat to see what information, if any, would be useful in ascertaining more information for use in future investigations.
The search was not fruitless.
Crypto Capital Corp Promotion
In order to garner more information about the group in question (Cryptonetworkgrp), Librehash decided to download the entire conversation history of the group. This download included pictures, gifs, and other forms of media that were sent to the group.
Of course, this download also included any and all text messages that were sent within.
Upon inspecting the completed extracted download from Telegram, Librehash was presented with evidence that an entity affiliated with "Crypto Capital" had, at the very least, entered into the chat.
This information can be seen below when viewing the beginning of the chat logs:
As can be seen in the picture above, an entity that goes by the name of "CryptoCapitalNews" had entered the chat soon after its creation.
This piqued the researcher's curiosity and led to a keyword search through the conversation in order to ascertain whether the user had actually spoken.
Whilst initiating the keyword search, the researcher noticed a specific series of messages from a user under the name, 'Kyke Horak', that also contained information regarding "CryptoCapital" (the entity that is attached to Bitfinex, among others in the crypto space, specifically).
Below is a picture:
Notably the user said, "Checkout our website" before posting a link to www.cryptocapital.co .
Further statements by user, 'Kyle Horak', more than corroborated the idea that this individual was in close association with the entity, 'Crypto Capital Corp.'
Below is another example that provided Librehash with its strongest lead in pursuing more information regarding Crypto Capital Co. and its operations:
The link that was provided by 'Kyle Horak' in the message above (https://www.linkedin.com/pulse/4-tips-anyone-looking-start-own-crypto-exchange-kyle-horak) was still active at the time that Librehash had discovered it.
This link led to a LinkedIn article that was headed by an entity titled, "Horak Blockchain Technology Solutions" :
The article itself promoted Kyle's white label exchange solution as one can see in the screenshot below:
After completing a close read of the article in question, Librehash decided to visit Kyle's profile to ascertain more information about his identity and connections as they both relate to Crypto Capital Corp.
The LinkedIn article, which was posted by Kyle Horak, also led Librehash directly to Kyle's LinkedIn profile.
This link can be found here: https://www.linkedin.com/in/kylehorak/
At the time of writing and also at the time that the LinkedIn profile was originally discovered, Kyle Horak's job title was, "Global Operations and Development Director at DECENTERNET".
Notably, Kyle Horak's location is pegged as "Panama", which is where Crypto Capital Co.'s alleged base of operations is and was located at.
The attachment titled, "HBTS-Proposal (1).pdf", which is posted in the 'About' section of Kyle's LinkedIn page provides this link: https://www.slideshare.net/slideshow/embed_code/key/I1fBQd6NB3APiZ
There is some information that can be found in the 'HBTS Proposal' pdf that is attached Kyle's page.
Below are some relevant screenshots:
Notably, one of the 'solutions' provided by Kyle's company was the rendering of "Influencers". The specific 'influencers', in question, whom Kyle would provide, were not named or listed in the pdf, however.
What was also notable in the pdf was the shockingly cheap fee associated with all of the services that the pdf claimed the company, HBTS, could perform:
Viewing Kyle's Additional Connections and Resume
As noted above, Kyle's LinkedIn page, at the time of writing, reflects that he is the "Global Operations and Development Director" at DECENTERNET.
In addition, Kyle boasts a vast array of additional work experience on his LinkedIn page, which includes:
There are other entries on Kyle's profile, which will be explored in greater depth later in this piece.
But for the time being, we are going to take a look at Kyle's role and responsibilities at 'Ibinex'.
This piece will specifically focus on Ibinex because there are two notable attachments under Kyle's profile, as they relate to 'Ibinex'.
This company is also still active and, apparently, it also served as a White Label Crypto Currency Exchange Solution - with a functionality that appears to be almost identical to 'HBTS' (Kyle's white label exchange solution).
The first attachment under this entry is titled, "Institutional level Bitcoin / Ethereum / Dash liquidity for Trading and Exchange delivery".
When clicking on the attachment, one is taken to a page that appears as shown below:
When clicking on the 'view' button, users are taken directly to the website, 'Ibinex.com'.
Ibinex.com, which is still active at the time of writing, appears as shown below:
There are a number of notable leads littered throughout the page.
For those looking to investigate into additional pain points, the following leads should be explored:
All of the identified leads on the website in the picture above (depicted with a square box) have had their links archived and they will be explored, with the connections explained in subsequent pieces.
However, in the interest of retaining the focus of this investigation and its findings, we will move forward to a potent connection that was found through the business registrations of 'Ibinex'.
Please refer to the screenshot below:
At the top of the picture is a section titled, 'Resources and Documentation', which contains the Wallet Licensing, Exchange Licensing, Finacomm Membership, and an "Industry Report".
The first three links are the most relevant for the purposes of this investigation.
Wallet/Exchange Licensing Registration (Ibinex)
The link to the 'wallet licensing' information for Ibinex can be found here: https://mtr.mkm.ee/taotluse_tulemus/487494
The link to the 'exchange licensing' information for Ibinex can be found here: https://mtr.mkm.ee/taotluse_tulemus/487489#__ldandmed
Both licenses are registered at the same address, with the same date of creation, authorization issuer, and requesting person. However, since these are two different filings, information such as the 'decision number', 'register code', and 'number' are different.
The screenshots below are from the English-translated version of the website:
Virtual Currency Wallet License Information ; https://mtr.mkm.ee/taotluse_tulemus/487494
Virtual Currency Exchange License Information ; https://mtr.mkm.ee/taotluse_tulemus/487489#__ldandmed
The address for both licenses, which is presented in the "Information Services Providers" tab on the website, shows that the address of this registration is: Roosikrantsi Street 2, City Center of Tallinn, Tallinn, Harju County, 10119
Notably, this location is in Estonia, a small, European country that could neither be described as particularly wealthy or poor in relation to its European neighbors.
Googling the Location (DuckDuckGo)
As with any good investigation, one of the keys to uncovering more (relevant) information is to Google the address of the target to see if there are any other matches on the internet.
Many times, these matches serve as critical leads.
DuckDuckGo is often used (preferred) by Librehash because it avoids the tracking of searches, which distorts results and can often harm investigations.
#1 - Trade Ltd - (https://www.tradeltd.com/open-account/) <-- The address for the Wallet Licensing of Ibinex corresponds with the location of 'Trade Ltd'
Located at the bottom of the link provided above
Two interesting leads from this website are:
The reviews/information regarding Bushido Technologies are horrible.
Specifically, the Australian Securities and Investments Commission's website listed 'Bushido Technologies' as unlicensed and also accused it of rampant fraud:
Specifically, the entry lists the website, "Trade LTD" as being the exact same entity as "Bushido Technologies".
Notably, this is the Australian Securities and Investments Commission website that is making this announcement, despite the fact that the company is registered in Estonia.
Going back to the https://Ibinex.com website, one will recall that there was an icon that indicated that Ibinex was also part of the "Australian Digital Commerce Association":
Numerous other 3rd-party, non-governmental sources have outed 'Trade LTD' as a scam as well:
In the latter link, there is a listed connection to a software provided titled, "Titantium Tech Solutions LTD".
They, too, have also been flagged and banned in their country of operation - Italy.
Link to the official government notice: http://www.consob.it/web/consob-and-its-activities/warnings/documenti/english/entutela/cns/2017/enct20171016.htm
Several companies, which Librehash suspects of being essentially identical, were found by Googling "with quotes", the statement: PARTNER FOR RECEPTION OF PAYMENTS Masterpay LTD, 60/89 Mir Jalal str., Baku, Azerbaijan
Below are screenshots of those findings:
All of the associated websites and companies are scam brokers (CFD/binary options) that are either defunct or simply existing.
One example of such a company is 'Ashford Investments':
Wallet/Exchange Licensing (Conclusion)
In concluding this part of the investigation, the evidence presented above makes it abundantly clear that Ibinex's source for 'Wallet/Exchange Licensing' is registered at an address that is attached to a significant amount of crime. From what was presented above, the companies tied to this address (and their affiliated entities) were able to successfully earn warnings and/or sanctions from jurisdictions all over planet earth in areas that include, but are not limited: Italy, Australia, U.K., and Canada.
When considering this fact in the context of 'Ibinex' being closely associated with an individual (Kyle Horak) whom was openly claiming to be an integral part of Crypto Capital Co.'s team, this information provides significant validation for the theory that 'Ibinex' was intuitively tied to Crypto Capital Co.'s operations (more information later on in the research).
Rauno Kuber is the name of the individual that was listed as the "requesting person" for both the Exchange and Wallet licenses for Ibinex.
A preliminary search engine lookup shows that 'Rauno Kuber' is attached to the Estonia company, 'KRM Advisor', which is located at the same address as the registered one for the Ibinex exchange and wallet licenses.
Here is a link to the 'KRM Advisor' site: https://www.estoniancompanyregistration.com/contacts
Specifically, on the front page, one can see:
In the picture above, the company name is clearly visible and it appears that 'KRM Advisor' is located at the exact same address as the other Forex frauds that were investigated in the prior section.
The website boldly states on its front page that, "We make the favorable Estonian tax and business environment available for entrepreneurs from all around the world."
In the context of countless fraudulent services and activities that are hosted at this address, the legitimacy of this company's services warrants questioning.
More Information Regarding KRM Advisors
Below are picture of the team members, as presented on the site:
Below is a screenshot of additional (relevant) information that can be found on the site:
The site even includes bank wire information as well:
The picture above shows that the bank being used to facilitate the "payment options" presented by KRM Advisor (and KRM Holding Plus) was Swedbank. This is notable because of the multiple ongoing investigations and scandals surrounding the Swedbank in recent days and weeks (all in the year 2019).
Swedbank will be reviewed in-depth in this research piece. However, this report will first look at the composition of the 'KRM Advisor' site (https://www.estoniancompanyregistration.com/cryptocurrency-company).
Since this report has already covered a significant amount of information leading up to this point, the following will serve as a brief recap for those that may be having trouble keeping up with the details.
As a brief recap, this report ended up at the Swedbank by following the clear lead from Kyle Horcek's open solicitation of investors and partners in the "Cryptoinsidersgrp" chat. Kyle's lead directed research straight to his LinkedIn page. From there, it could be seen that Kyle is currently employed at DECENTERNET, which will be addressed later in this research. His place of employment immediately prior, a company called 'HBTS', was examined.
Preceding this opportunity, Kyle was listed as an "Implementations Director" for Ibinex, which is a white label cryptocurrency exchange solution.
From there, the registration information for 'Ibinex' (provided directly on their site), reveals a direct connection to numerous Forex/CFD/Binary exchange providers that have been censured and labeled as scams by various jurisdictions all around the planet.
The 'center' point for all of these connections is an individual named "Rauno Kuber" - he is the one that is responsible for registering the wallet and exchange licenses for 'Ibinex' and the address that these licenses are registered at serve as the connection point for the numerous other Forex/CFD/Binary scams alluded to above.
When searching "Rauno Kuber", Librehash uncovered a website (https://www.estoniancompanyregistration.com/contacts) that titled, 'KRM Advisor' that is listed at the same address as the one where Ibinex's wallet and exchange licenses were registered. On the site, Rauno Kuber is listed as a lawyer.
For those that are more visually-oriented information processors, a network chart can be found below:
KRM Advisor/KRM Holdings
The site states explicitly that KRM Advisor is a,
"Service provider of trust funds and companies." (Operating license nr. FIU000140)
Given the sheer number of accountants that are listed on the team for KRM (12), it is more than likely that KRM not only specializes in the establishment of business entities, it provides liquidity/banking services as well.
This hypothesis is confirmed on the 'accounting' page of the website, which is located here: https://www.estoniancompanyregistration.com/prices-accounting
This page provides a wealth of information about the various financial services that the firm performs:
This report will start by assessing the cryptocurrency exchange services that are provided by 'KRM Advisors'. (https://www.estoniancompanyregistration.com/cryptocurrency-company)
'KRM Advisors' Cryptocurrency-Related Financial Services
The 'cryptocurrency company' entry under the "Registration Services" outlines the suite of financial services for cryptocurrency exchanges.
As one can see in the picture above, 'KRM Advisors' offers exchange and wallet service provider licenses for cryptocurrency exchanges.
This information resolves any questions on why Ibinex's exchange and wallet service licenses were registered at the same address as the company, 'KRM Advisors'. This also explains why Rauno Kuber, a lawyer for 'KRM Advisors' served as the "Requesting Person" on the registration forms for both licenses for Ibinex.
Further Proof That 'KRM Advisors' Was Responsible for Registering Ibinex's Exchange & Wallet Service Provider Licenses
On this same page, it states:
The statement, "The operating licenses are issued by the Estonian Financial Intelligence Unit (FIU), which is an independent structural unit of the Estonian Police and Border Guard Board", is a statement that corroborates what can be seen in the actual registration for Ibinex's Exchange and Wallet Service Provider Licenses.
Thus, it appears clear that this is the entity that ultimately is responsible for acquiring banking for Ibinex and the other associated entities at the Tallinn, Estonia address.
Because there is so much information contained on this page, the entire page itself has been archived using Hunch.ly software to preserve its contents since online archival methods have proven to be of questionable quality as a preservation method in the past.