It actually gained a lot of publicity because Hindenburg has a pretty good track record and many people are paying attention to them. There is zero chance financial regulators didn't see it. FRHC got a law firm to review some of their allegations: https://finance.yahoo.com/news/freedom-holding-corp-announce.... (I have no position).
Except even last month they been opening bank accounts for anyone and everyone left and right including providing means for very-very-shady registration of Kazakhstan Tax-ID (SSN) remotely.
And until a week ago you could literally send money from a bank cards of some Russian sanctioned banks to them and it just worked. Now when Russia payment system provider itself been sanctioned it's no longer works, but fortunately now they'll gladly accept money transfers from their ex-subsidiary that they of course sold a year ago, etc.
Again it's very much possible that from legal standpoint everything they do is "legal". Just dont be surprised why Wirecard wasn't caught by EU authorities earlier. I pretty certain Wirecard also had great law firms working for them.
That's not how it works. It's a major independent law firm and there is no chance they'd risk their reputation to cover for FRHC. If there are problems with how FRHC operates (I have no idea), they'd just ask the law firm to investigate only specific legal things.
