Iurii Gugnin, the founder of cryptocurrency company Evita Pay, was arrested in New York on charges of money laundering and fraud.
Charges Against Iurii Gugnin
Iurii Gugnin faces 22 charges, including bank fraud, money laundering, and operating an unlicensed money transmitting business. The U.S. Department of Justice stated that if convicted, the defendant could face life imprisonment.
Operations with Corrupt Schemes
According to the indictment, the problem began in June 2023 when Gugnin allegedly initiated a laundering scheme involving $530 million using stablecoin Tether (USDT) on behalf of Russian clients linked to sanctioned banks. The charges assert that Gugnin created a 'covert pipeline for dirty money' and manipulated invoices while misleading U.S. banks about his clients.
Possible Consequences and Sentences
Gugnin may face up to 30 years in prison for each count of bank fraud and up to 20 years for each wire fraud count. Additionally, he could face up to 10 years for failing to implement an effective Anti-Money Laundering program.
The case against Iurii Gugnin highlights the increasing concerns regarding the use of cryptocurrencies to bypass sanctions and launder money, leading to significant legal and financial repercussions for market participants.
