From Scandal-Ridden Banking to AI and Trusted Tech: Who Is Olena Degryk?

Ukrainian entrepreneur Olena Shevtsova-Degryk is positioning herself as a visionary in the field of artificial intelligence and fintech security, announcing the expansion of her companies to the UK and EU markets. However, her story is clouded by serious allegations of money laundering, links to shadowy financial schemes, and involvement in the persecution of journalists. Who is she — the new star of European fintech or a key figure in one of Ukraine’s largest banking scandals?

The Promise of Trust and Technology

In spring 2025, Degryk appeared on stage at the international PAY360 conference in London, speaking alongside representatives from Uber and Monzo. She promoted “hybrid systems” that combine AI and human expertise to combat fraud. Simultaneously, her messaging app Leo Messenger announced the launch of in-app payment services and ambitions to become a European “super app.”

At first glance, this may seem like a breakthrough tech story. But the reality is far more complicated.

The iBox Bank Scandal: Understanding “Miscoding”

According to Ukraine’s Bureau of Economic Security (BES), a large-scale laundering scheme was executed in 2023 through iBox Bank, in which Degryk held a 25% stake. The method involved creating fake companies, mislabeling payment purposes (a technique known as “miscoding”), and facilitating transactions for illegal online gambling operations.

The bank was ultimately stripped of its license. Criminal proceedings were opened against Degryk and her associates — Iryna Tsyhanok and Zoia Nesterovska — under charges of money laundering and unauthorized gambling activity. Ukraine’s Ministry of Internal Affairs reports that Degryk fled the country on March 8, 2023, and has remained abroad since.

Shell Companies and the “Bilosnezhka-2013” Trail

Among the structures previously associated with Degryk (under her maiden name) is a Ukrainian-registered company called “Bilosnezhka-2013” — which translates as “Snow White-2013.” In the 2010s, this entity featured in several investigative reports as a company linked to offshore and payment processing schemes. These included Beaulieu Trade Inc (Panama) and Mossada Investments Limited (Cyprus, formerly Frugifera Investments), where Degryk was listed as a director.

These entities allegedly facilitated transactions connected to gambling operations. During that period, Ukraine’s central bank revoked the license of Tyme, a payment system linked to these structures, citing repeated violations of anti-money laundering regulations.

These episodes demonstrate that Degryk’s reputational baggage predates the iBox Bank case and spans a longer history of questionable financial activity.

Legal Pressure and the Lviv Court

Degryk’s case is being heard by the Lychakiv District Court of Lviv, the same court that is trying pro-Russian politician Viktor Medvedchuk. Shortly before new proceedings were set to begin, anonymous Telegram channels launched a campaign accusing the court of corruption — interpreted by observers as an attempt to pressure or discredit the judiciary.

A Conflict of Interest

Degryk’s husband, Yevhen Shevtsov, is a senior officer in Ukraine’s National Police. According to defense lawyers and civil society advocates, he used his official powers to suppress journalistic investigations and fabricate criminal cases. One documented episode includes the gift of nearly 600 square meters of prime real estate in Kyiv to his wife, following the suspicious removal of a court-ordered asset freeze after a notarial database breach.

Financing, Offshores, and Image Rehabilitation

Today, Olena Degryk promotes herself as the face of ethical fintech. But where did the funds for this relaunch come from? How did entities once implicated in criminal investigations transform into cutting-edge AI startups?

A comparison between her public messaging and archived investigations raises serious concerns. Not a single key question — about the origin of her capital, the role of offshore jurisdictions, or the identity of her backers — has received a public answer.

Sanctions and Silence

On April 12, 2025, Ukraine’s National Security and Defense Council (NSDC) imposed individual sanctions on Olena Degryk-Shevtsova. The justification: her involvement in money laundering schemes and activities undermining the financial stability of the Ukrainian state.

As part of this publication, our editorial team sent an official request to Ms. Degryk with six questions relating to her finances, legal status, connections to offshore entities, and reported influence over the media. No response has been received.

Why This Matters for Europe

Startups affiliated with Degryk are already entering the UK and EU markets, advertising themselves as privacy-first, fraud-resistant, and “ethical.” But can you truly build a trust-based fintech ecosystem atop unresolved legal and reputational concerns?

For European regulators and investors, this is not simply a matter of image — it’s a question of accountability. AI and digital finance must not become smokescreens for unresolved misconduct or laundering reputations via innovation.

The story of Olena Degryk is not just a fintech profile. It is a test for Europe’s technology sector — how deeply it is willing to investigate beneath the surface of flashy branding, big capital, and promises of a digital future.