Under the joint investigation of the State Bureau of Investigation (SBI) and the National Financial Supervisory Authority, the Kyiv District Court recently ruled that the assets of the online gambling brand Pin-Up in Ukraine be specially confiscated, amounting to 26 billion Ukrainian hryvnias (approximately 62.2 million US dollars), setting the record for the largest asset confiscation in the country's history.
The head of SBI's main investigation department, Dmytro Mirkovets, stated that the seized funds could be used for the national military's financial expenses, "sufficient to pay the monthly salaries of about 26,000 soldiers," and is seen as an important relief measure for wartime financial pressures.
Case Background: Pin-Up Ukraine Accused of Colluding with Russia
The key figure in this asset confiscation case is Ihor Zotko, the director of Pin-Up Ukraine. He was detained by Ukrainian authorities in February 2025, at which time the company had already obtained official permission to use its parent company Pin-Up Global's brand and software in the country.
The prosecution accused Zotko of assisting the aggressor country in fundraising within Ukraine and providing economic support through the gambling platform for Russia's war budget and "special military operation" veterans.
The court ultimately approved the sentencing agreement reached between Zotko and the prosecution, ruling that his charges included:
Cooperating with the aggressor country in economic activities
Large-scale intentional tax evasion
Money laundering through illegal income
Falsifying official and business documents
He was sentenced to five years of imprisonment, with a three-year suspended sentence.
Regulatory Changes and Industry Shakeup
This trial occurred against the backdrop of a major restructuring of Ukraine's gambling regulatory framework. Earlier this year, the original National Regulatory and Lottery Commission (CRGL) was dissolved, replaced by the newly established PlayCity, marking a comprehensive national action to strengthen gambling industry regulation during wartime, curb capital outflows, and suspicious transactions.
Pin-Up Global Denies All Allegations
In response to the Ukrainian investigation results and legal judgment, Marina Ilina, CEO of Pin-Up Global, publicly responded, firmly denying any financial transactions or misconduct with Russia:
"These allegations are baseless. I am Ukrainian myself and have always openly supported my homeland. All our company's activities in Ukraine are legal, transparent, and easily auditable, and we have never transferred any funds to Russia."
This case not only involves multiple issues of national security, finance, and gambling regulation in Ukraine but also highlights the high sensitivity to cross-border financial flows in wartime economies. As further regulation of the gambling industry progresses, Ukraine is attempting to bring this high-profit industry under stricter national control to avoid any potential national security risks.
