Russian Crypto Founder Charged with Laundering $530 Million into U.S. Economy
New York, NY – June 10, 2025 — Iurii Gugnin, the founder of the cryptocurrency payment platform Evita Pay, has been arrested and charged with laundering approximately $530 million through the United States financial system from sanctioned Russian banks. The U.S. Department of Justice (DOJ) announced the charges, asserting that Gugnin’s actions were aimed at supporting Russian access to sensitive American technology, all while bypassing U.S. sanctions.
Allegations of Money Laundering
Gugnin faces a 22-count indictment that includes charges of wire fraud, bank fraud, money laundering, and operating an unlicensed money transmitting business. If convicted on all counts, he could face life in prison. The charges stem from allegations that Gugnin utilized his crypto firm to establish a “covert pipeline for dirty money,” according to John A. Eisenberg, the assistant attorney general for national security.
The DOJ’s investigation revealed that from June 2023 to January 2025, Gugnin facilitated numerous transactions using stablecoin Tether (USDT) for clients associated with blacklisted Russian banks, including Sberbank, VTB, Sovcombank, and Tinkoff.
A Covert Operation
According to Eisenberg’s statement, Gugnin orchestrated efforts to disguise the source of the funds and allowed sanctioned Russian banks to circumvent American sanctions. He allegedly misled U.S. banks regarding the nature of Evita’s operations, manipulated invoices to obscure client identities, and ignored essential Anti-Money Laundering regulations — despite officially registering Evita Pay as a money transmitting business in Florida.
The indictment indicates that Gugnin’s illicit activities were extensive, allowing around half a billion dollars to flow into the U.S. financial ecosystem, thereby jeopardizing national security by assisting foreign adversaries.
Evidence of Awareness
Notably, the DOJ claims Gugnin conducted internet searches related to potential criminal investigations, including queries such as “Am I being investigated” and “signs you may be under criminal investigation.” This behavior suggests he may have had some awareness of his illegal activities and the potential for prosecution.
Potential Sentencing
Gugnin’s potential sentences vary by charge: he faces up to 30 years in prison for each count of bank fraud, a maximum of 20 years for each wire fraud count, and up to 10 years for failing to implement an effective Anti-Money Laundering program. Moreover, he could face an additional five years for conspiracy to defraud the U.S.
Gugnin’s case underscores increasing scrutiny by U.S. authorities regarding the use of cryptocurrency in circumventing sanctions and engaging in unlawful financial activities. The DOJ’s firm stance has signaled its commitment to keeping American financial systems secure from foreign manipulation.
While Cointelegraph has reached out for comment from Evita Pay, no immediate response was available. The unfolding case continues to raise alarms within both the cryptocurrency community and government agencies tasked with enforcing financial regulations.
Conclusion
As the implications of this case reverberate through both the cryptocurrency and national security landscapes, it illustrates the challenges faced by regulatory bodies in maintaining the integrity of financial systems in an increasingly digital and interconnected world.
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