Federal prosecutors in Brooklyn have charged Iurii Gugnin, the 38-year-old founder of a U.S.-based crypto payments firm, with running a global laundering network that moved over $530 million for Russia’s sanctioned banks and companies.
Charges Against Iurii Gugnin
Gugnin, who lived in Manhattan, was arrested on Monday and taken to court the same day. The 22-count indictment claims Gugnin ran the operation through two companies he controlled — Evita Investments and Evita Pay — while hiding the source, flow, and purpose of the funds.
Methods of Money Laundering
Prosecutors allege that between June 2023 and January 2025, he funneled payments for clients tied to banned entities using a mix of U.S. banks and crypto exchanges, primarily moving money through Tether, a stablecoin pegged to the dollar.
The schemes involved faking compliance documents, lying to banks, and hiding ties to Russia. Gugnin reportedly used shell companies and doctored records, rewriting over 80 invoices to eliminate any trace of Russian entities.
Consequences and Possible Sentence
Assistant Attorney General Matthew G. Olsen stated that the defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money. If Gugnin is convicted of bank fraud alone, he could face 30 years in prison. However, if he is found guilty on all 22 charges, his sentence could exceed a typical human life span. He has not entered a plea yet and is being held without bail as he awaits his next court date.
The case of Iurii Gugnin highlights the importance of combating money laundering and upholding financial regulations in international trade, particularly in the context of global sanctions.
