Ivan Shcherbakov’s criminal license in Bali: how the Cardex crypto exchange services extortionists

In his impromptu interview, Geller noted that crypto-related extortion in Bali has become almost routine.

Criminals break into homes, restrain the victims, and through beatings and torture force them to hand over access to their crypto wallets—then vanish. And that’s considered the best-case outcome.

The next question, which few consider, is how these criminals actually convert the stolen crypto into cash.

This is where a well-known figure in certain circles steps in — Ivan Shcherbakov, aka Vannek. He’s a co-owner of the crypto media outlet Cointelegraph, runs the YouTube channel Bali FM, owns a bunch of crypto-related businesses… but the one that matters here is at the bottom of the list — the Cardex crypto exchanger.

An “exchanger”… well, more like a front. Because on their website you won’t find any terms of service, privacy policy, financial policy, or even basic contact details like a phone number or email.

Despite that, Cardex reps decided to show off a “license” and UK registration certificate (see last screenshot). But here’s the catch: that document was issued to a completely separate company with the same name, which has nothing to do with Cardex Online.

There aren’t many reviews of this so-called “international exchanger” either. But the few that exist all say the same thing: once you trust Shcherbakov with your money, you’re not seeing it again.

And don’t think Cardex exists just to skim $100–$1,000 off random users. Nobody builds a whole setup for pocket change like that.

This entire infrastructure (including its media layer) is designed to process money obtained through the kind of schemes described above. Shcherbakov just takes his cut on every conversion. Everything else is just a smokescreen.