Coinspaid being attacked for no visible reason

Hello, I’m Michael, and I want to report rather scammy activity revolving around Coinspaid. Here is how it goes.

I’ve been checking their social networks and other media and noticed rather strange things. If one would google them on youtube dozens of videos labeled as «SCAM» will appear. At first I was curious and started to watch some of them. Their style appeared to be familiar, but I couldn’t recall it. Narrative was rather … repeating from video to video. They have been uploaded from anonymous Youtube channels with SEO optimized naming that targets Coinspaid specifically.

For instance I found 6 channels dedicated entirely to spreading the message, they had the same, repeated, names and none of them was older than 6 months. This further supported my idea about someone creating the FUD around Coinspaid. In order to have a full view on the picture I found some interviews with Coinspaid’s CEO Max Krupyshev. He gave a dozen of them to independent channels across Youtube, but they were all in Russian so I had to use translation.

Turned out he’s rather a decent guy with a dream, not a type of person capable of performing scam activity. You all saw how such ppl act in public, Max on the other hand was more like Vitalik Buterin or Pavel Durov — techy guy who feels slightly uneasy during the interviews and overall social activity. I watched them all in order to make an informed decision whether Coinspaid is under PR siege from a third party.

Most of the topics he discussed refers to improving processing of crypto-payments and how Coinspaid tries to solve them. Nothing mentioning the FUD around the Coinspaid brand or such, not even interviewers tried to raise this topic. From this I deduced that they don’t know what to do about it, because if this was their own attempt to gain black PR they would have been already spreading the message on behalf of their innocence. Because they don’t admit it in public yet, they are probably trying to get rid of the PR attack.

So I went back to investigate those weird videos in order to have a bigger picture. I started to dig further in search for more content like this to make sure it had been fabricated.

Through digging I found out that they made at least 3 videos on each team member of Coinspaid. They use lots of claims about Coinspaid being involved in crypto-casino activity. This looked rather familiar to me, and I recalled recent events where Josh Baazov was involved. There is a dedicated website about him, where this person is being accused of illegal activity on building the casino. In those articles he had purchased Cryptologic gambling software provider.

Why would anyone push casino narrative on CoinsPaid when their main activity referred to creating a digital wallet? This brought me to the following conclusion.

For some reason, Josh Baazov tried to perform a money laundering procedure through cryptocurrency. This is a popular method to get clean money or store illegally obtained assets. But my idea is that he used Cryptologic as a gateway for his cashflows.

He, then, contacted Coinspaid through his assistant to draw off the suspicions from the team and offered them a job. When Max found out whom they work for, he refused to finish the project due to reputational harm it may cause to the company.

Furthermore, knowing that Max Krupyshev values his project, Josh decided to pressure him into agreement by spreading misleading information. This is a common method he used in one of his deals according to information on the web. If that’s the case, then Coinspaid receives lots of fake negative feedback.

For now I don’t know what to do in this situation, rather than get involved. We, as cryptocommunity have to take care of each others, because that’s the main point of decentralisation. I tried reaching out to youtube support representatives and reason with them about FUD videos spreading out on the platform. Unfortunately, they refused to take actions to assist Coinspaid in removing the content off the platform.

Finally, it brings me here, writing about my findings and the situation to the cryptocommunity. Coinspaid seems like a decent project, as Max Krupyshev acts like a good project leader. Yet, activity around the project that involves false accusations and misleading information puts him into an uneasy situation.