A Russian national, Iurii Gugnin, has been indicted in the U.S. on charges of laundering over $530 million through cryptocurrency, primarily using the stablecoin Tether (USDT). The Department of Justice (DOJ) alleges that Gugnin, operating through his company Evita Investments, Inc., and Evita Pay Inc., facilitated the movement of funds from sanctioned Russian banks through the U.S. financial system between June 2023 and January 2025.
Prosecutors state that Gugnin established Evita in Florida with the express purpose of laundering money from Russia. He allegedly enabled foreign customers holding funds in sanctioned Russian banks, including Sberbank, VTB, and Tinkoff, to clean their "dirty money" by converting it into cryptocurrency, largely in Tether. Gugnin then converted the cryptocurrency into U.S. dollars through cryptocurrency wallets and U.S. bank accounts in Manhattan.
To conceal the illicit nature of the transactions, Gugnin purportedly defrauded banks and cryptocurrency exchanges by claiming his companies did not engage with Russian entities. He is accused of falsifying invoices, inflating amounts, and using fake customer names. The DOJ also alleges that Gugnin assisted a Moscow company in purchasing parts for Russia's state-owned nuclear technology company and helped other foreign customers buy sensitive electronics.
The indictment includes 22 counts of wire fraud, violation of U.S. sanctions and export controls, money laundering, and operating an unlicensed money-transmitting business. If convicted, Gugnin faces a potential sentence of up to 30 years for bank fraud, 20 years for wire fraud and money laundering, 10 years for failure to implement an effective anti-money laundering (AML) program, and 5 years for conspiracy to defraud the U.S. financial system.
This case highlights the ongoing challenges U.S. financial institutions and crypto exchanges face in detecting illicit activities involving stablecoins and sanctioned entities. The indictment raises urgent questions about cryptocurrency regulation, stablecoin oversight, and financial compliance in U.S. markets. It also underscores the need for enhanced AML and Know Your Customer (KYC) standards to prevent similar abuses. Assistant Attorney General for National Security John A. Eisenberg emphasized the gravity of the charges, stating that Gugnin transformed a crypto company into a conduit for sanctioned Russian funds.
Interestingly, a Wall Street Journal article last September profiled Gugnin as one of the high-net-worth renters in Manhattan, paying $19,000 per month for an apartment. The DOJ noted that Gugnin was aware he was potentially breaking the law, citing web searches such as "how to know if there is an investigation against you" and "money laundering penalties US".
