TLDR
- Russian-American exec laundered $530M via stablecoins for sanctioned Russian banks, says DOJ.
- DOJ: Crypto CEO masked Russian ties, funneled funds through NYC banks using Tether.
- Feds say $500M+ in stablecoins helped Russians buy banned U.S. tech via fake invoices.
- Gugnin faces 30 years per charge for crypto laundering, fraud, and sanctions violations.
- U.S. strike force busts crypto scheme tied to Russian nuclear tech and export bans.
A Russian-American crypto executive has been charged with laundering over $530 million through U.S. banks using stablecoin transactions. Prosecutors claim the defendant moved funds for Russian clients, including those tied to sanctioned banks and restricted technology purchases. The case marks a serious breach of U.S. sanctions and financial security protocols.
CEO Used Crypto Firm to Mask Russian Bank Ties
Federal authorities allege that Iurii Gugnin managed illegal transfers through his firms, Evita Investments and Evita Pay, both based in the U.S. The Department of Justice accuses Gugnin of using Tether (USDT) to conceal the origins of foreign payments. He reportedly converted these funds into dollars and transferred them via Manhattan-based accounts.
U.S DoJ charges Russian national with alleged money laundering of $530M
The @TheJusticeDept (DoJ) has charged Russian national Iurii Gugnin with fraud and money laundering, The Block reported. Gugnin is accused of laundering cryptocurrency assets from foreign clients, including…
— CoinNess Global (@CoinnessGL) June 9, 2025
Gugnin is said to have handled transactions for clients linked to sanctioned banks like PJSC Sberbank and PJSC VTB Bank. He used personal accounts in Russian institutions while living in New York. Consequently, he violated U.S. sanctions and export restrictions tied to critical technologies.
Authorities say Gugnin made misleading statements to financial institutions and crypto exchanges. He denied doing business with Russian clients and claimed full compliance with anti-money laundering laws. However, investigations revealed deliberate obfuscation of invoices and use of fake documentation.
Charges Include Fraud, Money Laundering, and Sanctions Violations
The 22-count indictment includes charges for wire fraud, bank fraud, conspiracy, and breaching the International Emergency Economic Powers Act. Prosecutors allege he knowingly lied to obtain a Florida money transmitter license. He later used the license to process illicit crypto-related transfers through a U.S. exchange.
Between June 2023 and January 2025, Gugnin’s company facilitated hundreds of transfers on behalf of Russian users. He received stablecoins and obscured their trail through wallets, banks, and remittance networks. The DOJ estimates that over $500 million flowed through these operations without proper disclosures.
Authorities claim Gugnin failed to file required suspicious activity reports and violated the Bank Secrecy Act. Despite claiming to have strong internal compliance measures, he operated the business without proper anti-money laundering systems. The indictment confirms he submitted false data to mislead regulatory agencies.
Crypto Network Used to Obtain U.S. Technology for Russia
The DOJ says the funds supported the purchase of export-controlled U.S. technology, including specialized servers and nuclear components. Evidence shows some of the payments were linked to Rosatom, Russia’s state-owned nuclear firm. He also moved money from a supplier in Moscow that was involved in these procurements.
Gugnin allegedly used document editing software to erase Russian identities from invoices before presenting them to U.S. banks. Additionally, online searches found on his devices indicate he was aware of the legal risks. He checked for criminal investigations and browsed penalties for sanctions violations.
Authorities arrested Gugnin in New York and secured his arraignment the same day. If convicted, he faces up to 30 years for each count of bank fraud. The Disruptive Technology Strike Force coordinated the case to counter foreign financial interference.
