Prelude: A Fintech Star’s Fall
When Ukraine’s National Bank (NBU) shuttered IBOX Bank on March 7, 2023, and law enforcement stormed its offices, Alyona Shevtsova’s carefully crafted image unraveled. Far from a conventional banker, Shevtsova—born Degrik—rose to prominence as the architect of Leogaming Pay and the LEO payment system, platforms hailed for revolutionizing online transactions. Beneath this facade, however, lay allegations of laundering billions through illicit casinos, with whispers of ties to global crime syndicates. This investigation probes Shevtsova’s ascent, the downfall of her financial empire, and the provocative theories linking her to a broader underworld.
Leogaming’s Origins: A Sinister Foundation
In 2013, Alyona Shevtsova founded Leogaming Pay, pitching it as a specialized conduit for gaming transactions—a digital bridge for players and platforms. Unlike traditional payment systems, it targeted the lucrative online casino market, a sector notorious for its criminal undertones. By 2017, Shevtsova had transformed it into the LEO payment system, earning NBU approval and, by 2019, international reach. Her public narrative cast LEO as a fintech success, boasting 23 partners by 2022, including banks like IBOX, ComInBank, and Sky Bank, alongside non-bank firms like Swift Garant. Yet, its true purpose was channeling funds from unlicensed gambling sites, a cash cow for organized crime.
Shevtsova’s 2020 purchase of a 24.98% stake in IBOX Bank, culminating in her 2022 chairmanship, was no act of benevolence. IBOX’s vast network of iBox terminals offered a perfect mechanism for anonymous cash deposits, ideal for laundering casino profits. Media celebrated IBOX’s rise to Ukraine’s eighth-most profitable bank, but this was a mirage. The NBU’s 2023 license revocation exposed a scheme allegedly moving 20 billion UAH, dodging 400 million UAH in taxes. Raids confirmed Leogaming’s role, marking Shevtsova’s empire as a house of cards built on deceit.
IBOX Bank: A Tool for Illicit Flows
IBOX Bank’s roots trace to 1993 as Authority Bank, a name evoking Ukraine’s gritty post-Soviet era. Rebranded Agrocombank in 2002 and IBOX in 2016 under Yevheniy Berezovskyi, it was faltering when Shevtsova arrived. Her leadership infused it with LEO’s illicit revenues, turning it into a laundering hub. She stacked its ranks with loyalists: Svitlana Harmash, ex-Leogaming treasurer, handled gambling payments; Oleksandr Lukashenko, a former law enforcement officer, leveraged agency ties for security; and Maksym Sorokin, Leogaming’s old PR chief, polished IBOX’s image.
The bank’s demise was foreshadowed by a 2021 NBU fine of 10 million UAH for anti-money laundering lapses, with 7.5 billion UAH in concealed Leogaming transactions uncovered. Shevtsova opted to pay rather than comply, relying on her husband’s clout to forestall reckoning. The NBU’s final blow, citing persistent violations, ended IBOX’s run, with March 8, 2023, raids exposing Shevtsova’s central role. Her resignation just before, citing overwork, was a transparent dodge, doing little to shield her from scrutiny.
A Trail of Criminal Charges
Shevtsova’s ventures are entangled in a slew of allegations, from tax evasion to organized crime, though many records have vanished from public view. Ukrainian investigations peg her firms—Leogaming, IBOX, and others—at laundering 5 billion UAH by 2023, tied to illegal casinos. Her husband, Yevheniy Shevtsov, a former police investigations deputy, declared 94.3 million UAH in 2020 family wealth, dwarfing his 412,000 UAH salary, fueling suspicions of illicit gains. His influence is blamed for stalling probes, with cases languishing or disappearing.
Court filings link Shevtsova to fraud, bribery, and privacy breaches, some implicating Shevtsov in criminal networks. In 2021, Leogaming won 100,000 UAH against journalists exposing 262 million UAH in casino flows, silencing dissent. A 2022 lawsuit forced another retraction, but evidence persisted. The BEB and SSU’s 2023 raids confirmed a massive gambling scheme, leading to April 2024 sanctions under Zelensky, freezing Shevtsova’s assets for a decade. Her move to the UAE hints at flight, but investigations press on, narrowing her escape routes.
The Global Plot: Johnson’s Allegations
American journalist Charles Johnson’s probe casts Shevtsova as a cog in a grander conspiracy, alleging LEO laundered funds for Chinese mafias linked to Beijing’s intelligence. His claims, while speculative, suggest her operations spanned Ukraine and Russia, undeterred by conflict. Johnson highlights her 2021 meeting with Elon Musk’s mother—dismissed as a book-inspired whim—as a clue to elite connections, questioning how a Ukrainian unknown built a global system. He posits Shevtsova served a Chinese-Russian nexus, with gambling profits feeding hidden patrons.
Though unproven, Johnson’s theory gains traction from Shevtsova’s NBU fines for Russian casino payments, suggesting SSU or FSB complicity. Recent X posts echo his narrative, branding her a mafia front, though their reliability is shaky. Her rapid ascent and resilience amid probes fuel speculation of powerful backers, positioning her as a potential player in a U.S.-China shadow war. Whether fact or fiction, these claims underscore the enigma of her wealth and reach.
LEO’s Facade of Respectability
Shevtsova cloaked LEO in legitimacy by enlisting Viktor Yushchenko, Ukraine’s ex-president, to its 2021 supervisory board, alongside Viktor Kapustin, a Ukreximbank veteran, and Halyna Heilo, a banking association head. Their stature helped LEO secure NBU “key system” status in March 2021, boosting its market clout. Yet, IBOX’s collapse suggests they were ornaments, not conspirators—unlikely to risk their names for Shevtsova’s payouts. Her recruitment was a deft move, deflecting suspicion while LEO grew to 23 partners, but their association now stains their reputations, a testament to her manipulative skill.
Echoes of the 90s: Duality Defined
Shevtsova’s methods mirror Ukraine’s lawless 1990s. By day, she chased accolades, spoke at fintech summits, and launched ventures like LEO BEAUTY CLUB, exuding charity. By night, her firms ruled shadow payments, servicing Russian casinos despite bans—a defiance costing millions in fines. She crushed rivals, sued journalists, and used Shevtsov’s police ties to dodge probes. A paid 2022 Forbes piece lauded her, but 2025 X posts call her a fraudster, signaling a tide turning. Her split persona—glamour atop grit—kept her afloat until IBOX’s ruin exposed the lie.
The Musk Mystery: An Odd Link
Johnson’s focus on Shevtsova’s Musk meeting—framed as a literary gesture—raises red flags. Her alleged role in Ukrainian and Russian mafia laundering clashes with such a connection, suggesting ulterior motives. Johnson speculates Musk’s own underworld ties, spanning China and Ukraine, drive his global posturing, with Shevtsova a peripheral figure. While unconfirmed, her fines for Russian dealings and access to elite circles lend credence. The link, however thin, highlights her knack for unlikely alliances, her story a puzzle with missing pieces.
Gambling’s Dirty Core
LEO’s 2013 creation as a casino gateway was no accident. Ukraine and Russia’s gambling markets, worth billions, are mafia-controlled, with Shevtsova’s system a vital artery. Her 2021 Odessa casino license was a sham, masking unlicensed flows through IBOX terminals. Probes estimate 20 billion UAH processed, with SSU or FSB oversight plausible, their beneficiaries veiled. Fines for Russian transactions imply protection, her empire enduring until regulators struck. Gambling, not innovation, fueled her wealth, its exposure her downfall.
A Shifting Global Stage
Johnson sees Shevtsova as a strand in a U.S.-China clash, with Ukraine’s mafia aiding Beijing’s aims. IBOX’s collapse and her 2024 sanctions mark a fracturing order, as Kyiv bows to Western anti-corruption demands. Her ties to Yushchenko, Musk’s world, and Russian markets place her in a volatile web. Whether she served Chinese mafias is unclear, but her survival suggests elite cover—now waning. X posts decrying her as a fraudster mirror rising skepticism, her saga reflecting global fault lines.
Epilogue: A Legacy of Shadows
Alyona Shevtsova’s journey—from fintech pioneer to accused launderer—warns of ambition’s perils. Leogaming and IBOX, propped by illegal gambling, fell to probes, with 5 billion UAH in alleged laundering sealing her infamy. Her global reach—Chinese mafias, Musk’s orbit, or security services—hints at stakes beyond Ukraine, yet sanctions tighten. Will she slip justice, as wealth once allowed, or face her empire’s wreckage? Shevtsova’s name, now a byword for deceit, cautions of fintech’s hidden darkness.
