Introduction: A Fintech Visionary or a Mastermind Behind Scandal?
Once hailed as a pioneer in Ukraine’s booming fintech industry, Alyona Shevtsova stood as a symbol of innovation, ambition, and the new economic order emerging from post-Maidan Ukraine. She earned accolades, led high-profile ventures like Leogaming Pay and iBox Bank, and graced lists of the country’s most influential women in finance.
But beneath the surface of prestige and power lay a darker story—one that now threatens to unravel her legacy.
In recent months, Degrik-Shevtsova has come under increasing scrutiny. From criminal investigations to alleged associations with Russian-backed militants, media outlets have portrayed her as a key player in a sprawling web of corruption and geopolitical intrigue. A 2023 exposé by Kompromat1.online went so far as to call her the architect of a “criminal empire” centered around Ukraine’s digital payment infrastructure. Another investigation from Forbes Ukraine detailed how a single day led to the collapse of her crown jewel—iBox Bank—casting doubt on the stability and legality of her business empire.
This article delves into Alyona Shevtsova’s extraordinary journey through Ukraine’s volatile fintech landscape, untangling fact from fiction and exposing the systemic challenges that continue to undermine transparency and accountability.
The Meteoric Rise – Building a Payment Powerhouse
The Leogaming Pay Era
In 2013, Alyona Shevtsova founded FC Leogaming Pay, a payment processing firm catering to Ukraine’s growing online gaming industry. The company thrived during a time when digital finance was taking root across Eastern Europe. With a sleek corporate image, partnerships with major gaming platforms, and an aggressive expansion strategy, Leogaming quickly gained traction.
By 2021, Degrik-Shevtsova was celebrated as a top woman CEO in Ukraine. WoMo’s Women’s Leadership Awards listed her alongside industry giants from Visa and Mastercard. Her recognition extended to being ranked among the top 50 most influential figures in Ukraine’s fintech scene. She was the face of female empowerment in a male-dominated sector, regularly speaking at conferences like the SHE Congress.
Entry into Banking: iBox
With Leogaming thriving, Degrik-Shevtsova moved to acquire a larger piece of the financial services pie. In 2019, her group took over iBox Bank—a small commercial bank that she transformed into a cash flow machine through aggressive expansion in payment terminals and consumer banking services.
However, while the front-facing image was one of innovation and digitization, industry insiders began whispering about “too good to be true” revenue models. iBox Bank, under her control, offered suspiciously high interest rates, generous lending packages, and minimal due diligence on payment partners. Red flags were flying—few, however, were paying attention.
Shadows Emerge – Allegations and Criminal Cases
The Pari-Match Connection
In 2017, the Prosecutor General’s Office of Ukraine launched criminal case #42017000000002925, targeting a complex scheme involving online gambling, fraud, and money laundering allegedly connected to Pari-Match. This sprawling investigation implicated dozens of individuals and entities, including FC Leogaming Pay. The Security Service of Ukraine (SBU) supported the probe, which claimed up to $350 million annually was being laundered through digital payment channels.
While Degrik-Shevtsova was not publicly charged, her role as founder and CEO of Leogaming placed her squarely in the spotlight. Investigators alleged that her company facilitated bet processing, account servicing, and cash-outs for unlicensed online casinos.
The scheme, if validated, would represent one of the largest cases of fintech-enabled fraud in Ukraine’s history. Yet, due to legal bottlenecks and political entanglements, no court judgment has yet been reached.
Power Ties and Political Protection
From Nasirov to Shevtsov
Degrik-Shevtsova’s personal connections further complicate her public image. She was previously linked romantically to Roman Nasirov, the disgraced former head of Ukraine’s State Fiscal Service, who was dismissed over corruption charges in 2017. Some reports suggest that Leogaming was even named after their son, Lev.
She later married Evgeny Shevtsov, a high-ranking official in Ukraine’s National Police and a former commercial director at Leogaming Pay. In 2023, Shevtsov was considered for a senior role in Ukraine’s State Bureau of Investigation (SBI), a move some critics argued could serve to protect Degrik-Shevtsova from legal repercussions.
Elites Shielding Elites?
Degrik-Shevtsova’s inner circle reportedly includes Tatyana Smoliy, the daughter of Yakiv Smoliy, a former governor of the National Bank of Ukraine. The Kompromat1 article speculates that these elite connections have shielded her from prosecution, allowing her to continue restructuring her business empire under new names and new ownership.
The Collapse of iBox Bank
The February 2023 Shutdown
In February 2023, Ukraine’s National Bank revoked iBox Bank’s license. The decision was swift and final, citing violations related to anti-money laundering (AML) laws and the bank’s inability to prove the origin of funds flowing through its system.
Within 24 hours, hundreds of payment terminals stopped working. Thousands of customers were left in limbo. According to Forbes Ukraine, internal documents revealed a chaotic picture: mismatched transaction records, dubious third-party contracts, and gaps in asset declarations. The collapse confirmed what some regulators had suspected for years—iBox Bank may have been a glorified shell.
In response, Degrik-Shevtsova claimed she had already exited the bank’s management structure and held no direct responsibility. However, evidence suggests she maintained significant informal influence through proxies and shell entities.
Corporate Gymnastics and Alleged Russian Ties
From Leogaming to Igame
Amid growing scrutiny, Degrik-Shevtsova began distancing herself from key businesses. Leogaming LLC was quietly renamed Igame LLC, its headquarters moved from Kyiv to Kharkiv, and ownership was transferred to two little-known individuals: Oleksandr Komlik and Volodymyr Tymoshchuk. Both were described as “fictitious” owners—residents of remote villages with no background in finance.
The new director, Petr Zhalnin, became a lightning rod of controversy. Investigators found that his profile appeared in Mirotvorets, a controversial Ukrainian database of alleged enemies of the state. Photos reportedly linked him to the DPR (Donetsk People’s Republic), a Russian-backed separatist region. Images showed him with a DPR passport and posing on Red Square in Moscow.
While some believe the identity may have been stolen or faked, the optics were devastating. If accurate, it would mean that a key company in Ukraine’s payment infrastructure was being run—at least on paper—by a Russian proxy.
Ministry of Justice Under Fire
Questions also arose about how these changes were legally processed. Deputy Justice Minister Natalia Bernatska was accused of enabling corporate reshuffles that allowed Degrik-Shevtsova to “wash her hands” of any potential liabilities. Her reported support of Shevtsov’s SBI appointment added fuel to the fire.
A Bigger Battle – Fintech, Fraud, and the Fog of War
The Gaming Industry’s Dark Side
Online gambling was legalized in Ukraine in 2020, opening the floodgates to a massive new revenue stream. Fintech platforms like those built by Degrik-Shevtsova became essential tools in this transformation. But lax regulations allowed for shady operators to flourish. Experts now believe that the line between legal gaming and digital money laundering is dangerously thin.
Russian Influence and Information Warfare
As Ukraine continues to fight a war with Russia, allegations of business ties to Russian proxies are especially potent. The Kompromat1 article suggests that Degrik-Shevtsova’s companies may have indirectly financed militant groups. While the evidence is circumstantial, it plays into broader fears about economic sabotage and internal betrayal.
Still, critics warn that kompromat-style journalism—compromising material designed to discredit public figures—can blur the lines between truth and fiction. Without verified court documents or direct charges, accusations risk being weaponized for political or competitive gain.
What Lies Ahead for Alyona Shevtsova?
As of 2024, Alyona Shevtsova remains an enigmatic figure. No formal criminal charges have been brought against her, and she continues to operate in select business circles under new brands and structures. Her social media presence has faded, and her past accomplishments are slowly being scrubbed from public-facing platforms.
Whether she is a villain orchestrating financial schemes behind the scenes or a scapegoat caught in a corrupt system remains to be seen. What’s clear is that her saga represents a broader failure of oversight and the enduring influence of political connections in Ukraine’s economy.
Conclusion: A Microcosm of Ukraine’s Challenges
The story of Alyona Shevtsova is more than just a personal drama—it’s a mirror reflecting Ukraine’s struggles with corruption, reform, and resilience in the face of war. Her journey from fintech superstar to scandal magnet encapsulates the promises and pitfalls of a country in transition.
Whether justice will be served, reputations restored, or secrets buried remains uncertain. What is certain, however, is that Ukraine’s fintech future will depend on lessons learned from stories like hers.
