Crypto Executive Charged in Major Money Laundering Scheme
Recent developments have unveiled allegations against Iurii Gugnin, a key figure in the digital currency world. Federal prosecutors in Brooklyn have accused the creator of a US-based cryptocurrency payments firm of masterminding an intricate international money laundering scheme. This operation is said to have funneled over $530 million to support sanctioned Russian financial institutions and entities.
‘A Hidden Network for Illicit Funds’
The 38-year-old Russian native, currently residing in Manhattan, encountered legal proceedings this week. He faces a staggering 22-count indictment, which includes accusations of wire and bank fraud, breaches of US sanctions, and money laundering. The charges also highlight his failure to enforce essential anti-money laundering measures. Assistant Attorney General Eisenberg commented on the situation, stating:
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“The accused is alleged to have transformed a cryptocurrency company into a hidden conduit for illicit funds, channeling over half a billion dollars through the American financial system to assist sanctioned Russian banks and empower Russian clients in procuring sensitive US technologies.”
Prosecutors claim Gugnin orchestrated financial transactions through his enterprises, Evita Investments and Evita Pay, effectively concealing the source and intention behind these funds. Between June 2023 and January 2025, he reportedly maneuvered money through several US banks and cryptocurrency platforms, predominantly utilizing Tether’s USDT stablecoin.
The indictment further discloses that Gugnin’s clientele included individuals and businesses connected with sanctioned Russian organizations, such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and the government-owned nuclear energy corporation, Rosatom.
Potential for Lengthy Prison Term
Gugnin is alleged to have deceived financial institutions and digital asset platforms by misrepresenting his business’s nature, falsifying compliance records, and concealing his ties with Russia. Prosecutors assert that he disguised the origin of funds through shell accounts and manipulated over 80 invoices to digitally erase Russian counterparties’ identities.
Investigations also uncovered internet searches that imply Gugnin’s awareness of potential investigations, including queries like “how to know if there is an investigation against you” and “money laundering penalties in the US.”
Notably, the Justice Department emphasized Gugnin’s direct connections with members of Russia’s intelligence services and officials in Iran—countries that typically do not extradite individuals to the US. He is further accused of aiding in the export of sensitive US technologies to Russian clients, including controlled anti-terrorism servers.
Facing charges of bank fraud alone, the crypto executive could be sentenced to a statutory maximum of 30 years in prison. However, if found guilty on all charges, the cumulative sentence could extend far beyond his lifetime, illustrating the gravity of the accusations.
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