CoinsPaid Public Statement
On Coordinated Smear Campaign, Court Ruling and Threats by Frédéric Hubin
Tallinn,11 April
CoinsPaid welcomes the recent ruling of a European court in a case involving Ms Karin Mawet and Mr Frédéric Hubin, which reaffirmed our legal position and ordered the full repayment of a misappropriated sum of €80,700.
The court found that the funds, originally transferred by the company in good faith, were improperly retained for personal benefit by Mr Hubin and his associates, in violation of basic commercial and legal standards.
However, this court ruling is only one chapter in a much wider and deeply concerning story. This wasn’t just a financial ruling.
This is no longer about a financial dispute. It’s about someone who abused his position, stole from the company, and then tried to silence us with threats and slander. The court ruling proves what happened with the money. The rest - the public smear campaign - we will answer with truth, and if needed, with further legal action
Max Krupyshev
CEO of CoinsPaid
The person who took funds from the company also led a deliberate campaign to pressure us into dropping legal action. For over two years, Mr Hubin has led a coordinated and aggressive campaign of reputational attacks against CoinsPaid, its partners and team members. His actions include unsubstantiated allegations, the spread of false narratives, and even personal threats and blackmail attempts aimed at our CEO, in an attempt to pressure us into silence.
From private threats to public attacks
What began as a financial dispute quickly turned into a campaign of intimidation:
- October 2023: Mr Hubin sent private threats to our CEO, warning us to “stop the procedure in Belgium” or face public exposure.
- He explicitly referenced personal reputations, partners in other jurisdictions, and implied criminal consequences – all in an attempt to suppress due legal process.
- When that didn’t work, the threats became public.
A manufactured narrative – and a smear campaign
Since then, Mr Hubin has pursued a systematic and coordinated disinformation effort:
- Misrepresenting internal audit excerpts,
- Publishing out-of-context financial data to suggest insolvency,
- Using platforms like LinkedIn and Telegram to question the competence of European regulators,
- Tagging ministries, journalists, and institutions in a desperate attempt to provoke public reaction.
This wasn’t whistleblowing. It was a calculated retaliation – aimed at discrediting CoinsPaid while deflecting from his own misconduct.
Having someone steal from you, then position themselves as a victim - that’s a situation no business wants to deal with. But when that person then threatens you and slanders your entire team to avoid accountability? That’s when you take a stand.
The court’s ruling confirms what we’ve always known: the money was taken, the accusations are false - and truth matters more than volume.Max Krupyshev
CEO of CoinsPaid
We want to be clear, and we say this publicly:
- CoinsPaid is financially stable and legally compliant.
- We operate under active Estonian licence and strive to adhere to the EU regulatory frameworks, and are subject to regular audits and controls.
- There is no evidence – legal or factual – behind Mr Hubin’s claims, and the court ruling confirms this.
We are a company that believes in law, not theatre. In documentation, not distortion.
Our position moving forward:
- We will continue to defend our team, our partners and our work.
- We will pursue legal recourse wherever necessary – including against ongoing defamatory publications.
- And we will keep doing what we do best: building resilient, regulated crypto payment infrastructure.
At CoinsPaid we have always upheld the principles of transparency, contractual clarity and trust in the rule of law. These values guide how we conduct business – across jurisdictions and across borders. We are not here to play games. We will not be intimidated. And we will continue to hold those responsible to account.
