The financial landscape surrounding Xsolla, a prominent player in the gaming payment sector, has recently come under scrutiny due to allegations involving its founder, Aleksandr “Shurick” Agapitov. Reports from Bloomberg indicate that Agapitov has been implicated in transferring over 0 million from the company into his personal accounts over a two-year span, from March 2021 to March 2023. Notably, in 2023 alone, he is said to have moved approximately million to his personal finances.
Financial Maneuvers and Company Response
While Agapitov did return a portion of these funds—amounting to around 2 million—questions remain regarding the nature of these transactions. The total amount taken by Agapitov stands at 9 million, yet the returns were never complete, with some transfers back to Xsolla reaching as much as million at a time.
In defense of the company’s practices, Xsolla’s president, David Stelzer, has asserted that the organization operates within a framework of responsible financial management and adheres to all relevant laws and regulations. “Xsolla, a privately owned company, manages its financial affairs responsibly and in full compliance with applicable laws and regulations,” he stated. Stelzer emphasized that Agapitov, as the sole owner, ensures that all financial dealings are scrutinized by reputable third-party experts and a dedicated internal team of legal and financial advisors.
However, the internal atmosphere at Xsolla appears to be fraught with tension, as concerns have been raised by former employees regarding Agapitov’s financial practices. Emil Aliyev, a former Vice President of Global Accounting, claims he was dismissed after questioning a million discrepancy in the company’s accounts. Similarly, former CFO Joe Chang reportedly faced termination due to his apprehensions about Xsolla’s adherence to accounting laws. In response, Agapitov has contended that these issues were only brought to light after the individuals had left the company.
As the situation unfolds, the juxtaposition of these financial figures against Xsolla’s overall revenue during the same period has sparked debate, with Stelzer cautioning against drawing misleading conclusions that could distort the company’s financial narrative.
Disclaimer: Alex Calvin is a freelance journalist who has worked with Xsolla in the past.
