Panama Papers reveal link between Trustee managers and new Panamanian company

Cryptocurrency assets of Trustee Plus service users are now held by a Panamanian entity. The Seychelles company MikePay LTD, which performed this function under contract, was officially dissolved on 17 March 2025. Instead, the developer listed in the App Store and Google Play apps is the Panamanian firm Mikepay Inc. Journalists verified who actually stands behind this new jurisdiction.

Timeline of jurisdiction change

Public data from the Panama registry indicates that the joint-stock company Mikepay Inc appeared in the database on 12 March 2025. This occurred exactly five days before the Seychelles-based MikePay LTD was removed from the registry. Such synchronicity suggests a planned replacement of the legal entity. Subsequent changes in the Panamanian registry were recorded on 11 May and 30 June 2026.

Who appears in the Panama registry

Seven individuals holding positions of directors and officers are linked to the Panamanian company. Data on only three of them is publicly available. The first name on the list is Ricardo Vasquez, although his specific role is not indicated in the public part of the registry.

The other two names have Ukrainian origins: Mykhailo Kutsenko and Danylo Demianenko. Both individuals are linked exclusively to Mikepay Inc in Panamanian documents; no other companies were found in their profiles.

Connection to Trustee management

These surnames are well known to the community monitoring Trustee's activities. On the professional social network LinkedIn, Mike Kutsenko lists himself as the Operations Director of Trustee and Trustee Wallet since May 2019. Danylo Demianenko is publicly presented as the Head of Growth at Trustee.

For many years, Trustee has emphasised that it operates through independent partners in various countries. These included the Lithuanian UAB Trustee Global, the Polish IROC PRO (with a capital of 5,000 zlotys), the Polish Quicko (unlicensed), and the aforementioned Seychelles-based MikePay LTD, which no longer exists. Now, the Panamanian Mikepay Inc has appeared on the market, where, according to registry data, individuals who are simultaneously managers of Trustee itself are listed. This creates the impression that the so-called "independent partners" and the company itself are part of one team distributed across different offshore zones.

Questions to management

We sent questions to Vadym Hrusha, Mykhailo Kutsenko, and Danylo Demianenko:

• Are you directors or owners of the Panamanian Mikepay Inc?
• For what purpose was the company created five days before the liquidation of the Seychelles-based MikePay LTD?
• Which specific structure is currently responsible to clients for the safekeeping of their cryptocurrency funds?

In the absence of a response from their side, we will continue the investigation. Access to Panama registries is sufficient to obtain a significant volume of information that may be of interest to the audience.