- Prosecutors say Iurii Gugnin used stablecoin transactions and falsified paperwork to masks funds tied to sanctioned Russian establishments.
- He allegedly doctored over 80 invoices, lied to banks and exchanges, by routing funds by means of the dollar-pegged stablecoin tether.
- The Justice Division says Gugnin maintained ties to Russian intelligence, in addition to officers in each Iran and Russia.
Federal prosecutors in Brooklyn have charged the founder of a U.S.-based cryptocurrency funds agency with working what they allege was a complicated worldwide cash laundering scheme that moved over half a billion {dollars} on behalf of sanctioned Russian banks and different entities.
Iurii Gugnin, a 38-year-old Russian nationwide dwelling in Manhattan, was arrested and arraigned Monday and ordered held with out bail pending trial.
Gugnin faces a 22-count indictment accusing him of wire and financial institution fraud, violating U.S. sanctions and export controls, cash laundering, and failing to implement legally required anti-money laundering protocols.
“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 U.S. monetary system to help sanctioned Russian banks and assist Russian end-users purchase delicate U.S. expertise,” Assistant Legal professional Normal Eisenberg stated in a press release.
Prosecutors stated Gugnin used his firms — Evita Investments and Evita Pay — to course of about $530 million in funds whereas concealing the origins and functions of the funds. Between June 2023 and January 2025, he allegedly funneled the cash by means of U.S. banks and cryptocurrency exchanges, primarily utilizing tether, a extensively used, dollar-pegged stablecoin.
Shoppers included people and companies linked to sanctioned Russian establishments corresponding to Sberbank, VTB Financial institution, Sovcombank, Tinkoff, and the state-owned nuclear power agency Rosatom.
To hold out the scheme, Gugnin allegedly misrepresented the scope of his enterprise, falsified compliance documentation, and lied to banks and digital asset platforms about his ties to Russia. Prosecutors say he masked the supply of funds by means of shell accounts and doctored greater than 80 invoices, digitally erasing the identities of Russian counterparties.
Investigators additionally cite web searches indicating he knew he was below scrutiny, together with queries like “how to know if there may be an investigation towards you” and “cash laundering penalties US.”
The Justice Division stated Gugnin maintained direct ties to members of Russia’s intelligence service and officers in Iran — international locations that don’t extradite to the U.S.
He’s additionally accused of serving to the export of delicate U.S. expertise to Russian shoppers, together with an anti-terrorism-controlled server.
Gugnin was profiled final fall in a Wall Street Journal article about high-net-worth renters in Manhattan, the place he reportedly paid $19,000 monthly for an residence.
If convicted on financial institution fraud expenses, he faces a statutory most sentence of 30 years in jail, but when convicted on all counts, Gugnin might be given a consecutive most sentence considerably longer than his lifetime.
