Russian National Charged With Laundering $530 Million In Cryptocurrency

A Russian national residing in New York has been charged with orchestrating a vast money laundering operation that allegedly moved over $530 million in cryptocurrency and other assets from Russia into the United States. Iurii Gugnin, 38, was arrested and arraigned in Manhattan on a 22-count indictment that includes charges of wire fraud, bank fraud, money laundering, and violations of U.S. sanctions laws. Gugnin, also known by the aliases Iurii Mashukov and George Goognin, is accused of using his companies, Evita Investments and Evita Pay, to funnel funds on behalf of foreign clients, including individuals with ties to sanctioned Russian banks, into U.S. financial institutions. The funds were primarily moved using the stablecoin Tether (USDT), according to authorities.

Assistant Attorney General for National Security John A. Eisenberg stated that Gugnin is charged with transforming a cryptocurrency company into a covert pipeline for illicit funds. The scheme allegedly involved moving over half a billion dollars through the U.S. financial system to help sanctioned Russian banks and end-users gain access to sensitive U.S. technology. Between June 2023 and January 2025, Gugnin is said to have routed the funds through Manhattan bank accounts while concealing their origins and making false statements to banks and crypto exchanges. He held multiple roles at Evita, including president, treasurer, and compliance officer.

Gugnin now faces a lengthy list of federal charges, including conspiracy to defraud the United States and violations of the International Emergency Economic Powers Act. Each bank fraud count carries a maximum sentence of 30 years in prison. This crackdown comes as Russia’s Finance Ministry and Central Bank prepare to launch a separate state-sanctioned crypto exchange under a limited legal regime for qualified investors. Crypto businesses in the Moscow International Business Center, often referred to as “Moscow City,” have faced growing scrutiny. Another exchange based in the area, Garantex, halted trading after Tether froze $27 million in USDT tied to sanctions.

This case highlights the increasing use of cryptocurrencies in money laundering schemes and the challenges faced by authorities in tracking and preventing such activities. The use of stablecoins like Tether (USDT) makes it easier to move large sums of money across borders without the volatility associated with other cryptocurrencies. The charges against Gugnin underscore the need for stricter regulations and enforcement mechanisms to combat financial crimes involving digital assets. The case also serves as a reminder of the complex web of financial transactions that can be used to evade sanctions and launder money, requiring coordinated efforts between law enforcement agencies and financial institutions to detect and disrupt these activities.