- The founder of the Evita group of companies has been indicted on 22 federal charges
- Iurii Gugnin allegedly laundered over $500 million through U.S. banks using USDT
- Gugnin has been accused of defrauding U.S. financial institutions and evading export controls
A New York-based crypto entrepreneur has been indicted by federal authorities for allegedly laundering more than $500 million on behalf of sanctioned Russian banks between June 2023 and January 2025. Prosecutors say Iurii Gugnin, who founded U.S.-based companies Evita Investments Inc. and Evita Pay Inc., allegedly perpetrated his acts by routing USDT (Tether) through U.S. banks and crypto exchanges, while falsely claiming he conducted no business related to Russia. He now faces serious charges, including wire and bank fraud, IEEPA violations, operating an unlicensed money-transmitting business, and deficiencies in anti-money laundering compliance.
Gugnin Facing 22 Counts
Federal prosecutors unsealed a 22-count indictment against Gugnin, who also uses the names Iurii Mashukov and George Goognin, for using Evita to funnel over $530 million of foreign payments through U.S. banks and crypto exchanges, primarily converting them from UST into U.S. dollars, while disguising the origin and end recipients of the funds.
The Department of Justice (DOJ) alleges that Gugnin repeatedly lied to banks and crypto platforms, falsely asserting that Evita had no business dealings with Russian or sanctioned entities. In truth, many of his clients held accounts at blacklisted Russian institutions such as Sberbank, VTB, Sovcombank, and Tinkoff Bank. The Department claims he also maintained personal accounts at Alfa‑Bank and Sberbank while living in the U.S.
National Security Implications
John A. Eisenberg, Assistant Attorney General for National Security, stated that Gugnin has been charged with “turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end‑users acquire sensitive U.S. technology.”
Gugnin was arrested and arraigned in Manhattan this week and now faces charges including wire and bank fraud, conspiracy to defraud the U.S., violations of the International Emergency Economic Powers Act, and operating an unlicensed money-transmitting business, among others. If convicted, he could face up to life in prison, including sentences of 30 years per bank fraud count, 20 for wire fraud, and 10 for anti-money laundering violations.
Notably, prosecutors pointed to Gugnin’s internet searches showing he sought information on “how to know if there is an investigation against you” and “money laundering penalties US,” suggesting a consciousness of wrongdoing.
