A Belgian court has ruled in favour of crypto payments company CoinsPaid in a case against Frédéric Hubin and Karin Mawet, confirming that corporate funds were unlawfully misappropriated and ordering full restitution in the amount of €80,700.
According to court documents, the funds were originally transferred by the company in good faith but were subsequently withheld and diverted for personal use. The ruling explicitly stated that Hubin, a former executive at CoinsPaid, acted in collusion with his sister, Mawet, to retain the funds without justification.
The company described the court decision as a significant legal validation, but also a single step in a wider and deeply concerning pattern of behaviour by its former employee.
“This is no longer just a financial dispute,” said Max Krupyshev, CEO of CoinsPaid, in an official statement.
“This is about abuse of position, unlawful appropriation of funds, and a long-running attempt to silence our team with threats and public defamation.”
Background: Threats, Pressure, and a Campaign of Disinformation
The ruling follows a more then two-year period during which, according to CoinsPaid, Mr Hubin engaged in a systematic campaign of intimidation and reputational attacks. This reportedly included:
Direct threats to company executives, including the CEO;Attempts to coerce the company into halting legal proceedings in Belgium;Unsubstantiated public accusations of insolvency and regulatory misconduct;Use of platforms such as LinkedIn and Telegram to discredit both CoinsPaid and European regulators;Circulation of distorted financial documents and internal reports taken out of context.
In October 2023, Hubin allegedly sent personal messages to the CEO of CoinsPaid, warning that unless legal proceedings were dropped, he would launch a public campaign to damage the company’s reputation and that of its partners across multiple jurisdictions.
These threats, according to the company, were followed by a coordinated online campaign, in which Hubin posted inflammatory claims and contacted media, regulators, and government bodies to amplify the allegations.
Court Ruling Confirms Unlawful Retention of Funds
The Belgian court ultimately dismissed the arguments made by Hubin and Mawet. It ordered the full repayment of the withheld sum and upheld CoinsPaid’s position that the transaction had been intentionally misappropriated for personal benefit.
While the financial amount at stake may be modest in the context of the crypto industry, the company emphasised the symbolic and reputational significance of the ruling.
“When someone misuses company funds, threatens your leadership, and then positions themselves publicly as a victim — you cannot stay silent,” CoinsPaid reiterates regulatory compliance and stability.
In its statement, CoinsPaid also addressed some of the key claims made by Mr Hubin during his campaign:
The company is financially solvent and stable, with no evidence of insolvency presented in court.CoinsPaid operates under a valid Estonian licence, and is subject to regular regulatory oversight and third-party audits.None of the public allegations raised by Hubin have been substantiated, either in court or by any independent authority.
Next Steps
CoinsPaid stated that it reserves the right to pursue further legal action in response to continued defamation or reputational harm caused by past or future publications. The company added that it remains committed to its longterm mission of building secure, regulated and scalable crypto payment infrastructure for global partners.
“We have always operated based on transparency, legal clarity and respect for jurisdictional integrity,” the statement reads.
“These principles will continue to guide us — in business and in defence of our name,” said Krupyshev.
“The court has ruled. The facts are clear. And we will continue to defend our work, our people, and our reputation.”
