- Iurii Gugnin allegedly laundered over $530M by way of U.S. banks utilizing stablecoin Tether (USDT).
- Prosecutors say he aided sanctioned Russian banks by disguising the origin of funds.
- He faces as much as 30 years per financial institution fraud rely in a 22-charge federal case.
A Russian nationwide dwelling in New York, Iurii Gugnin, 38, was arrested and arraigned Monday in Manhattan, going through a hefty record of fees together with wire fraud, financial institution fraud, and cash laundering. A 22-count indictment from the U.S. Division of Justice accuses Gugnin of utilizing crypto to funnel over $530 million by way of the American monetary system—a lot of it allegedly tied to sanctioned Russian banks and high-risk tech transactions.
DOJ: Crypto Firm Turned Into Secret Cash Pipeline
Assistant Legal professional Basic for Nationwide Safety John A. Eisenberg didn’t mince phrases: “The defendant is charged with turning a cryptocurrency firm right into a covert pipeline for soiled cash… aiding sanctioned Russian banks and serving to Russian customers skirt U.S. know-how restrictions.” Authorities say Gugnin glided by aliases like Iurii Mashukov and George Goognin, and ran Evita Investments and Evita Pay as founder, president, treasurer, and compliance officer.
Thousands and thousands Laundered By Manhattan Utilizing Tether
By his companies, Gugnin is accused of quietly changing massive quantities of crypto, primarily Tether (USDT), into money by way of U.S. banks. The cash—allegedly from shoppers tied to Russian banks beneath sanctions—was funneled into Manhattan accounts between June 2023 and January 2025. Prosecutors say the transactions had been cloaked in lies and phony documentation to maintain banks and exchanges at the hours of darkness.
Going through As much as 30 Years Per Rely If Convicted
The costs Gugnin faces embody wire fraud, financial institution fraud, conspiracy to defraud the U.S., and violations of the Worldwide Emergency Financial Powers Act. Every rely of financial institution fraud carries a most sentence of 30 years, stacking up severe jail time if convicted.