Federal
prosecutors in the United States arrested a Russian cryptocurrency executive yesterday
(Monday) on charges he ran a massive money laundering operation that moved more
than half a billion dollars for sanctioned Russian banks through the U.S.
financial system.
Iurii
Gugnin, 38, who lives in Manhattan and founded cryptocurrency payment companies
Evita Investments and Evita Pay, faces
22 criminal counts, including wire fraud, bank fraud, sanctions violations
and money laundering. He was ordered held without bail after his arraignment in
Brooklyn federal court.
Prosecutors
say Gugnin processed roughly $530 million in payments between June 2023 and
January 2025, primarily using Tether, a popular dollar-pegged stablecoin. His
clients included individuals and businesses associated with major Russian
institutions, such as Sberbank, VTB Bank, Sovcombank, and Tinkoff Bank.
John A. Eisenberg, Assistant Attorney General for National Security
“The
defendant is charged with turning a cryptocurrency company into a covert
pipeline for dirty money, moving over half a billion dollars through the U.S.
financial system to aid sanctioned Russian banks and help Russian end-users
acquire sensitive U.S. technology,” said John A. Eisenberg, Assistant Attorney
General for National Security.
You may also like: Coinbase Customer Data Leak Incident Faces DoJ Investigations
Elaborate Deception Scheme
Court
documents reveal Gugnin went to extraordinary lengths to hide his Russian
connections from U.S. banks and crypto exchanges. He repeatedly told financial
institutions that Evita didn’t do business with Russian entities or sanctioned
organizations – statements prosecutors say were completely false.
To cover
his tracks, Gugnin allegedly doctored more than 80 invoices, digitally erasing
the names and addresses of Russian counterparties. He also maintained personal
accounts at two sanctioned Russian banks, Alfa-Bank and Sberbank, while living
in the United States.
The
operation wasn’t just about moving money. Prosecutors say Gugnin helped
facilitate the export of sensitive U.S. technology to Russian clients,
including an anti-terrorism-controlled server. He also allegedly laundered
funds from a Moscow supplier purchasing parts for Rosatom, Russia’s state-owned
nuclear energy company.
Suspicious Online Searches
Investigators
found evidence Gugnin knew he was under scrutiny. His internet search history
included queries like “how to know if there is an investigation against
you,” “money laundering penalties US,” and “Iurii Gugnin
criminal records.”
He also
visited web pages titled “am I being investigated?” and “signs
you may be under criminal investigation.”
Despite
these apparent concerns, Gugnin continued living lavishly in Manhattan. The
Wall Street Journal profiled him last fall as a high-net-worth renter paying
$19,000 monthly for his apartment.
Crypto in the courts: in EDNY today 22-count indictment charging Iurii Gugnin with wire and bank fraud, violating IEEPA usig his cryptocurrency company “Evita” to funnel more than $500 million of overseas payments through U.S. banks & crypto platforms. Detained.. pic.twitter.com/4Yl8roG4fD
— Inner City Press (@innercitypress) June 9, 2025
Intelligence Connections
The Justice
Department says Gugnin maintained direct ties to Russian intelligence officials
and contacts in Iran – both countries that don’t extradite to the United
States. This adds a national security dimension to what prosecutors describe as
a sophisticated financial crime.
Gugnin also
allegedly failed to implement required anti-money laundering protocols at his
companies and didn’t file suspicious activity reports as mandated by federal
law. When he did register Evita Pay as a money transmitter in Florida,
prosecutors say he made false statements about the company’s business
activities.
Severe Penalties
The charges
carry severe potential penalties. Bank fraud alone carries a maximum 30-year
prison sentence, while other counts range from five to 20 years. If convicted
on all charges, Gugnin could face consecutive sentences extending well beyond
his natural lifetime.
“The
Department of Justice will not hesitate to bring to justice those who imperil
our national security by enabling our foreign adversaries to sidestep sanctions
and export controls,” added Eisenberg.
The case
was brought through the Justice and Commerce Departments’ Disruptive Technology
Strike Force, an interagency effort targeting actors who help authoritarian
regimes acquire critical technology.
Similar Cases
This is not
the first time that foreign authorities have investigated potential money
laundering involving cryptocurrency exchanges on behalf of Russia, Russian
citizens, or Russian companies. FinanceMagnates.com reported a similar incident
in September 2024, when an individual was charged with laundering over $1.15
billion.
Over a year ago, in late March 2024, an investigation led by the
United States and the United Kingdom linked $20 billion worth of crypto
transactions to Russian exchanges, allegedly used to circumvent sanctions
imposed on the country following its 2022 invasion of Ukraine.
Federal
prosecutors in the United States arrested a Russian cryptocurrency executive yesterday
(Monday) on charges he ran a massive money laundering operation that moved more
than half a billion dollars for sanctioned Russian banks through the U.S.
financial system.
Iurii
Gugnin, 38, who lives in Manhattan and founded cryptocurrency payment companies
Evita Investments and Evita Pay, faces
22 criminal counts, including wire fraud, bank fraud, sanctions violations
and money laundering. He was ordered held without bail after his arraignment in
Brooklyn federal court.
Prosecutors
say Gugnin processed roughly $530 million in payments between June 2023 and
January 2025, primarily using Tether, a popular dollar-pegged stablecoin. His
clients included individuals and businesses associated with major Russian
institutions, such as Sberbank, VTB Bank, Sovcombank, and Tinkoff Bank.
John A. Eisenberg, Assistant Attorney General for National Security
“The
defendant is charged with turning a cryptocurrency company into a covert
pipeline for dirty money, moving over half a billion dollars through the U.S.
financial system to aid sanctioned Russian banks and help Russian end-users
acquire sensitive U.S. technology,” said John A. Eisenberg, Assistant Attorney
General for National Security.
You may also like: Coinbase Customer Data Leak Incident Faces DoJ Investigations
Elaborate Deception Scheme
Court
documents reveal Gugnin went to extraordinary lengths to hide his Russian
connections from U.S. banks and crypto exchanges. He repeatedly told financial
institutions that Evita didn’t do business with Russian entities or sanctioned
organizations – statements prosecutors say were completely false.
To cover
his tracks, Gugnin allegedly doctored more than 80 invoices, digitally erasing
the names and addresses of Russian counterparties. He also maintained personal
accounts at two sanctioned Russian banks, Alfa-Bank and Sberbank, while living
in the United States.
The
operation wasn’t just about moving money. Prosecutors say Gugnin helped
facilitate the export of sensitive U.S. technology to Russian clients,
including an anti-terrorism-controlled server. He also allegedly laundered
funds from a Moscow supplier purchasing parts for Rosatom, Russia’s state-owned
nuclear energy company.
Suspicious Online Searches
Investigators
found evidence Gugnin knew he was under scrutiny. His internet search history
included queries like “how to know if there is an investigation against
you,” “money laundering penalties US,” and “Iurii Gugnin
criminal records.”
He also
visited web pages titled “am I being investigated?” and “signs
you may be under criminal investigation.”
Despite
these apparent concerns, Gugnin continued living lavishly in Manhattan. The
Wall Street Journal profiled him last fall as a high-net-worth renter paying
$19,000 monthly for his apartment.
Crypto in the courts: in EDNY today 22-count indictment charging Iurii Gugnin with wire and bank fraud, violating IEEPA usig his cryptocurrency company “Evita” to funnel more than $500 million of overseas payments through U.S. banks & crypto platforms. Detained.. pic.twitter.com/4Yl8roG4fD
— Inner City Press (@innercitypress) June 9, 2025
Intelligence Connections
The Justice
Department says Gugnin maintained direct ties to Russian intelligence officials
and contacts in Iran – both countries that don’t extradite to the United
States. This adds a national security dimension to what prosecutors describe as
a sophisticated financial crime.
Gugnin also
allegedly failed to implement required anti-money laundering protocols at his
companies and didn’t file suspicious activity reports as mandated by federal
law. When he did register Evita Pay as a money transmitter in Florida,
prosecutors say he made false statements about the company’s business
activities.
Severe Penalties
The charges
carry severe potential penalties. Bank fraud alone carries a maximum 30-year
prison sentence, while other counts range from five to 20 years. If convicted
on all charges, Gugnin could face consecutive sentences extending well beyond
his natural lifetime.
“The
Department of Justice will not hesitate to bring to justice those who imperil
our national security by enabling our foreign adversaries to sidestep sanctions
and export controls,” added Eisenberg.
The case
was brought through the Justice and Commerce Departments’ Disruptive Technology
Strike Force, an interagency effort targeting actors who help authoritarian
regimes acquire critical technology.
Similar Cases
This is not
the first time that foreign authorities have investigated potential money
laundering involving cryptocurrency exchanges on behalf of Russia, Russian
citizens, or Russian companies. FinanceMagnates.com reported a similar incident
in September 2024, when an individual was charged with laundering over $1.15
billion.
Over a year ago, in late March 2024, an investigation led by the
United States and the United Kingdom linked $20 billion worth of crypto
transactions to Russian exchanges, allegedly used to circumvent sanctions
imposed on the country following its 2022 invasion of Ukraine.
