- Iurii Gugnin allegedly laundered over $530M through U.S. banks using stablecoin Tether (USDT).
- Prosecutors say he aided sanctioned Russian banks by disguising the origin of funds.
- He faces up to 30 years per bank fraud count in a 22-charge federal case.
A Russian national living in New York, Iurii Gugnin, 38, was arrested and arraigned Monday in Manhattan, facing a hefty list of charges including wire fraud, bank fraud, and money laundering. A 22-count indictment from the U.S. Department of Justice accuses Gugnin of using crypto to funnel over $530 million through the American financial system—much of it allegedly tied to sanctioned Russian banks and high-risk tech transactions.
DOJ: Crypto Company Turned Into Secret Money Pipeline
Assistant Attorney General for National Security John A. Eisenberg didn’t mince words: “The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money… aiding sanctioned Russian banks and helping Russian users skirt U.S. technology restrictions.” Authorities say Gugnin went by aliases like Iurii Mashukov and George Goognin, and ran Evita Investments and Evita Pay as founder, president, treasurer, and compliance officer.
Millions Laundered Through Manhattan Using Tether
Through his firms, Gugnin is accused of quietly converting large amounts of crypto, mainly Tether (USDT), into cash via U.S. banks. The money—allegedly from clients tied to Russian banks under sanctions—was funneled into Manhattan accounts between June 2023 and January 2025. Prosecutors say the transactions were cloaked in lies and phony documentation to keep banks and exchanges in the dark.
Facing Up to 30 Years Per Count If Convicted
The charges Gugnin faces include wire fraud, bank fraud, conspiracy to defraud the U.S., and violations of the International Emergency Economic Powers Act. Each count of bank fraud carries a maximum sentence of 30 years, stacking up serious prison time if convicted.
