Authorities in New York have arrested a cryptocurrency company founder accused of smuggling more than $500 million from Russian banks into the United States.
The Department of Justice stated on June 9 that the money was used to help Russian clients buy restricted American technology, in violation of US sanctions.
The man, Iurii Gugnin, allegedly ran this scheme through his firm, Evita Pay, between June 2023 and January 2025. Prosecutors said he used stablecoin transactions to process the transfers while hiding the Russian origin of the funds.
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The banks involved, Sberbank, VTB, Sovcombank, and Tinkoff, are all under US sanctions and banned from doing business with American institutions.
Gugnin faces 22 criminal charges, including wire fraud, bank fraud, money laundering, and running an unlicensed money transfer operation. If convicted, the penalties for each charge range from 10 to 30 years in prison.
Investigators said Gugnin misled US banks by hiding Evita Pay’s Russian links and filing false paperwork when registering the company in Florida. He has also been accused of faking invoices to hide the identity of his clients and ignoring the legal requirements of an anti-money laundering program.
According to court documents, Gugnin conducted online searches, including “Am I being investigated”, “signs you may be under criminal investigation”, and questions about what to do if someone thinks they are being watched by authorities.
Assistant Attorney General John A. Eisenberg stated that Gugnin’s actions helped sanctioned Russian banks gain access to restricted US financial systems and technology.
Meanwhile, US agencies recently seized 145 domains and cryptocurrencies tied to BidenCash. Why? Read the full story.
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