Federal prosecutors in Brooklyn have charged Iurii Gugnin, the founding father of a US-based crypto funds firm, with orchestrating a classy worldwide cash laundering operation that allegedly moved over $530 million on behalf of sanctioned Russian banks and entities.
In line with a CNBC report on the matter, the 38-year-old Russian nationwide, residing in Manhattan, was arrested and arraigned on Monday, the place he was ordered to be held with out bail pending trial.
‘A Covert Pipeline For Soiled Cash’
Gugnin faces a 22-count indictment that features fees of wire and financial institution fraud, violations of US sanctions, cash laundering, and failing to implement mandated anti-money laundering protocols. Assistant Legal professional Normal Eisenberg acknowledged:
The defendant is charged with turning a cryptocurrency firm right into a covert pipeline for soiled cash, shifting over half a billion {dollars} by means of the US monetary system to assist sanctioned Russian banks and assist Russian end-users purchase delicate US know-how.
In line with prosecutors, Gugnin utilized his corporations—Evita Investments and Evita Pay—to course of important funds whereas obscuring the origins and functions of the funds. Between June 2023 and January 2025, he allegedly funneled cash by means of varied US banks and cryptocurrency exchanges, primarily utilizing Tether’s USDT stablecoin.
The indictment reveals that Gugnin’s shoppers included people and companies related to sanctioned Russian establishments resembling Sberbank, VTB Financial institution, Sovcombank, Tinkoff, and the state-owned nuclear vitality agency, Rosatom.
Crypto Government Faces Up To 30 Years In Jail
To execute this scheme, Gugnin allegedly misrepresented the character of his enterprise, falsified compliance paperwork, and deceived banks and digital asset platforms relating to his connections to Russia.
Prosecutors allege he hid the supply of the funds by means of shell accounts and altered over 80 invoices, digitally eradicating the identities of Russian counterparties.
Investigators additionally uncovered web searches that point out Gugnin was conscious of the scrutiny he confronted, together with queries like “tips on how to know if there may be an investigation towards you” and “cash laundering penalties within the US”
Notably, the Justice Division has highlighted that Gugnin maintained direct connections with members of Russia’s intelligence companies and officers in Iran—nations that don’t extradite people to the US. He’s additionally accused of facilitating the export of delicate US know-how to Russian shoppers, together with managed anti-terrorism servers.
If convicted on financial institution fraud fees alone, the crypto government faces a statutory most sentence of 30 years in jail. Nonetheless, ought to he be discovered responsible on all counts, he might face a for much longer consecutive sentence that would lengthen past his lifetime, underscoring the severity of the fees towards him.
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