Iurii Gugnin, a Russian citizen residing in New York, is accused of laundering over $530 million through his cryptocurrency companies. The allegations suggest he used cryptocurrency to support sanctioned Russian entities, violating U.S. laws.
Who is Iurii Gugnin
Iurii Gugnin, also known as George Goognin and Iurii Mashukov, is a 38-year-old Russian citizen living in New York. He founded Evita Investments and Evita Pay, which are linked to a $530 million money laundering operation. Gugnin presented Evita as a legitimate cryptocurrency payment service but allegedly used it to secretly transfer illegal funds for Russian clients.
How Gugnin Allegedly Laundered Money
According to the allegations, Gugnin laundered about $530 million through U.S. banks and cryptocurrency exchanges from June 2023 to January 2025, primarily using the stablecoin USDT. His scheme involved manipulating documents to hide the illegal origins of the funds. Gugnin provided false compliance documents to banks and cryptocurrency exchanges, claiming Evita had no ties to sanctioned entities and complied with AML and KYC regulations.
Legal Consequences of Gugnin's Actions
Gugnin faces a 22-count federal indictment for laundering $530 million through his cryptocurrency companies. The charges include wire fraud, bank fraud, money laundering, conspiracy to defraud the U.S., and violations of the IEEPA. If found guilty, he could face up to 30 years in prison for each bank fraud charge. Gugnin has been arrested and is currently detained while awaiting trial as authorities consider him a flight risk.
The case against Iurii Gugnin highlights serious issues surrounding cryptocurrency regulation, especially regarding the use of stablecoins to evade sanctions. This incident may lead to more stringent oversight and regulations in the crypto space to prevent further violations.
