Artem Borodatiuk, founder of the IT holding Netpeak Group (FRACTAL), publicly reports exponential revenue growth. However, a significant portion of these client payments reportedly flows through untaxed cryptocurrency and a Cyprus-based offshore entity.
Netpeak Group founder Artem Borodatiuk has once again taken to public platforms to report rapid revenue gains across his business portfolio. According to his latest statements, the group’s revenue surged by another 59% in 2025, with Forbes estimating potential earnings at around $190 million. Yet, behind the public declarations of financial triumph and calls for ethical business practices lie scheme structures aimed at evading Ukrainian tax obligations.
According to Borodatiuk, the group of companies under his direction has consistently grown by 50–70% year-over-year:
2022: ~ $50 million
2023: ~ $70 million (Forbes estimates)
2024: 70% growth over the previous period (~ $85 million according to Forbes)
2025: +59% year-over-year (~ $190 million estimated)
«The more Borodatiuk insists on his commitment to transparent and responsible business, the sharper the contrast becomes with the actual financial mechanics of his group.»
Despite public reports and a carefully cultivated image of corporate responsibility, Borodatiuk leaves out critical details regarding financial transactions. A substantial share of client payments within Netpeak Group is settled in cryptocurrency, effectively bypassing Ukrainian tax regulations.
Furthermore, the core processing of client funds relies on a Cypriot entity, A.B. DIGITAL HORIZON SYNDICATE LTD, registered on September 29, 2023, in Nicosia (Registration Number: HE451879).
Registered Address: Archiepiskopou Makariou III, 95 Charitini Building, 1st floor, Flat/office 102, 1071 Nicosia, Cyprus.
Corporate Officers: Dzordzina Malialis (Giorgina Malialis) is listed as Director, and Pantelis Vorkas serves as Secretary. Corporate filings also link Anna Rossidou to the firm.
The entity maintains no public presence whatsoever, lacking an official website, corporate social media channels, or LinkedIn profiles.
Utilizing offshore structures in Cyprus enables the business to entirely avoid paying local taxes on core operations within Ukraine. Similar offshore arrangements have previously been identified among other prominent figures in Ukraine’s Council of Entrepreneurs, including businessmen Konotopskyi and Horokhovskyi.
The group’s current financial setup raises urgent questions for Ukraine’s State Financial Monitoring Service and tax authorities regarding the legitimacy of these optimization practices and the absence of regulatory accountability for the holding’s leadership.