Magua Pay Inc., a Vancouver-based money services business (MSB license M21111044) operating under the brand Black Rabbit, has vanished from the digital landscape as of March 2025. Both its primary website (magua_pay.com) and Black Rabbit’s site are either under construction or offline, signaling potential operational collapse or regulatory pressure.
Previously exposed by FinTelegram as a key facilitator of broker scams and money laundering, Magua Pay’s sudden disappearance raises significant concerns about its role in processing stolen customer funds for unauthorized offshore brokers like BBanc, StoxInvest, and GrandCapital. This report examines the company’s history, its integration within the Estonian STSM Holding network, the key figures involved, and the implications of its current status, leveraging forensic financial analysis and recent developments.
Background: Magua Pay and Black Rabbit’s Role in Financial Misconduct
Magua Pay Inc., registered at 555 Burrard St., Vancouver, BC, emerged as a high-risk payment processor within the scam broker segment, offering crypto payment solutions under the Black Rabbit brand. Licensed as a money services business (MSB) with FINTRAC (M21111044) since May 18, 2021, the company initially presented itself as a legitimate fintech entity. However, FinTelegram investigations spanning 2022–2024 revealed its deep ties to fraudulent financial schemes, including:
- BBanc: An offshore scam broker flagged for unauthorized operations and investor losses.
- StoxInvest: A scam broker platform linked to fabricated returns and client fund misappropriation.
- GrandCapital: An unregulated offshore broker scheme notorious for high-risk payment processing via Black Rabbit.
RatEx42, a cyber-finance rating agency, assigned Black Rabbit a “Red Compliance” rating in 2023, citing serious deficiencies in anti-money laundering (AML) controls and its role in laundering proceeds from these illicit operations. FinTelegram reports further documented Magua Pay’s facilitation of crypto transactions that obscured the trail of stolen customer funds, exploiting the opacity of digital assets.
The Disappearance: Indicators of Distress
As of March 17, 2025, both, the Magua Pay website (https://magua_pay.com) and the Black Rabbit website (https://brpay.io) are inaccessible—either displaying “under construction” notices or entirely offline. This abrupt digital withdrawal follows years of scrutiny and aligns with patterns observed in payment processors facing regulatory or operational crises. Possible explanations include:
- Regulatory Action: Canadian authorities, via FINTRAC, may have revoked or suspended Magua Pay’s MSB license due to compliance failures, though no official statement has surfaced as of this date.
- Operational Collapse: Financial strain or creditor pressure could have forced Magua Pay to halt operations, especially if scam brokers defaulted on payments.
- Strategic Retreat: The STSM Holding network, which oversees Magua Pay, might be restructuring or distancing itself from tainted entities amid heightened global AML enforcement.
Ownership and Network: STSM Holding’s Web of Payment Processors
Magua Pay operates as a subsidiary of the Estonian STSM Holding, a conglomerate controlled by Israeli national Moriel Carmiand Ukrainian Dmitri Orlov. This network spans regulated and unregulated payment entities, amplifying its capacity to process high-risk transactions. Key affiliates include:
- TomPay Ltd (d/b/a TomPayments): An FCA-regulated e-money institution (reference number 931509) based in the UK. Controlled by Moriel Carmi (born 1961), TomPay reported losses exceeding GBP 1.1 million in 2022 and 2023, per UK Companies Register filings. Its 2023 annual report lists affiliations with Euronext OÜ, Banxe Ltd, and Tompay SA, signaling a broader operational ecosystem.
- Banxe Ltd (d/b/a Banxe): An unregulated UK-registered payment processor partnering with NeuroNext, an FIU-regulated Estonian crypto exchange. Banxe’s lack of direct oversight enhances its flexibility for high-risk clients.
- ExFrame OÜ (d/b/a SmartPayments): An FIU-regulated crypto payment processor in Estonia, uncovered by FinTelegram as another STSM vehicle for processing scam-related funds.
This interconnected structure suggests a deliberate strategy to diversify regulatory exposure while maintaining operational continuity across jurisdictions. Magua Pay’s role as an MSB in Canada complemented these efforts by providing a North American foothold for crypto-based laundering.
Key Figures: Moriel Carmi and Dmitri Orlov
- Moriel Carmi: An Israeli fintech entrepreneur, Carmi is the controlling figure behind STSM Holding and its subsidiaries, including Magua Pay and TomPay. His leadership has been linked to the network’s expansion into high-risk payment processing.
- Dmitri Orlov: A Ukrainian national, Orlov serves as a co-owner and operational strategist within STSM Holding, overseeing technical and financial logistics across its entities.
Both individuals have maintained a low public profile, with no direct responses to FinTelegram’s exposés or RatEx42’s compliance warnings. Their involvement ties Magua Pay’s fate to the broader STSM Holding strategy.
Forensic Analysis: Implications of the Disappearance
The sudden inaccessibility of Magua Pay and Black Rabbit’s online presence is a red flag for stakeholders—scam brokers, victims, and regulators alike. From a forensic perspective:
- Fund Flow Disruption: Clients relying on Magua Pay for payouts or deposits may face immediate losses, particularly if the processor held escrowed funds.
- Regulatory Ripple Effects: FINTRAC and international AML bodies may intensify scrutiny of STSM Holding’s other entities, such as TomPay and SmartPayments, given their shared ownership and operational overlap.
- Victim Impact: Investors defrauded by BBanc, StoxInvest, and GrandCapital may lose a critical avenue for tracing laundered funds, complicating recovery efforts.
The timing—amid global crackdowns on crypto money laundering (e.g., the U.S. Treasury’s 2024 sanctions on illicit processors)—suggests Magua Pay may have preemptively shuttered to evade enforcement actions.
Conclusion and Recommendations
Magua Pay’s disappearance marks the potential end of a significant player in the scam broker payment ecosystem, yet its integration within STSM Holding indicates the network’s resilience. The lack of transparency surrounding its current status underscores the need for heightened vigilance. Recommendations include:
- Businesses and Users: Avoid any transactions with Magua Pay affiliates until clarity emerges; verify counterparties against FinTelegram and RatEx42 blacklists.
- Regulators: Investigate STSM Holding’s remaining entities, particularly TomPay’s FCA-regulated operations, for potential AML violations.
- Victims: Collaborate with cybercrime units and legal counsel to track funds processed through Magua Pay’s historical channels.
This report serves as a snapshot of an evolving situation, with further developments likely to emerge as regulatory and investigative efforts unfold.