In a major enforcement action, U.S. federal prosecutors have indicted Russian crypto CEO Iurii Gugnin in a $530 million international money laundering and sanctions evasion scheme involving his cryptocurrency platform, Evita.
Massive Fraud Uncovered: $530M Laundered Using Stablecoins
Between June 2023 and January 2025, Gugnin allegedly used Evita to funnel cross-border payments through U.S. banks and crypto channels. The scheme involved stablecoins like USDT and routed funds on behalf of sanctioned Russian entities, including Sberbank, VTB Bank, Sovcombank, Tinkoff, and Rosatom—a state-owned nuclear energy company.
Prosecutors say over 80 falsified invoices were used to conceal the identity of Russian recipients.
Arrest and Charges: 22-Count Federal Indictment
Gugnin was arrested in New York, where he had been living in a $19,000-a-month luxury apartment. He now faces a 22-count federal indictment, including:
- Money laundering
- Wire fraud
- Conspiracy to defraud the U.S.
- Violations of U.S. export controls
The most serious charges could carry up to 30 years in prison if convicted.
How Evita Helped Sanctioned Banks Bypass Detection
According to U.S. authorities, Evita’s payment infrastructure erased recipient details, disguising the true origin and destination of transactions. These actions turned the platform into a shadow financial network used to bypass U.S. economic sanctions.
“Gugnin’s operations manipulated our nation’s financial infrastructure to benefit our nation’s adversaries,” federal officials stated.
Evidence of Intent and Lack of Compliance
Digital forensic evidence shows Gugnin searched online for phrases like:
- “Am I being investigated?”
- “Money laundering penalties US”
- “How to know if there is an investigation against you”
These searches occurred while his company was actively facilitating illegal transfers, highlighting his awareness and intent to evade detection.
Moreover, Gugnin allegedly failed to implement any anti-money laundering (AML) protocols, violating basic U.S. compliance standards.
Broader Implications for Crypto Regulation
This case signals a tougher crackdown on crypto platforms involved in cross-border violations, especially those serving clients from sanctioned countries. It also shows how even stablecoins like USDT can be misused when platforms ignore regulatory frameworks.
The ongoing investigation may lead to further indictments or expanded scrutiny of digital asset firms operating in multi-jurisdictional markets.