Russian Crypto Chief Laundered $530M from Sanctioned Banks

Russian Crypto Entrepreneur Charged with Laundering $530 Million

Brooklyn prosecutors have accused Russian national Yuri Gugnin, founder of the cryptocurrency payment company Evita, of orchestrating a complex money laundering scheme. According to the U.S. Department of Justice, Gugnin allegedly facilitated the transfer of over $530 million from sanctioned Russian banks and firms. This week, Gugnin, 38, appeared in court where he was taken into custody.

Details of the Investigation

The Department of Justice claims Gugnin turned his crypto company into a “secret pipeline” for laundering illicit funds. He is accused of using Evita to channel more than half a billion dollars through the U.S. financial system, aiding Russian banks under sanctions and facilitating the acquisition of confidential American technology by Russian users.

Operating primarily through Evita Investment and Evita Pay, Gugnin allegedly processed payments concealing the origin and purpose of funds. From June 2023 to January 2025, he’s said to have utilized U.S. banks and crypto exchanges, particularly involving Tether and dollar-pegged stablecoins. Prosecutors believe Gugnin’s clients included major Russian institutions, such as Sberbank and Rosatom.

Allegations of Data Manipulation

Prosecutors suggest Gugnin might have distorted business data and misled banks and crypto platforms about his ties to Russia. It’s alleged he obscured funds’ sources and fabricated over 80 invoices, removing signatures from Russian partners. “Gugnin allegedly came to the U.S. under the guise of a cryptocurrency startup to evade sanctions and deceive American financial institutions,” stated Eastern District of New York prosecutor Joseph Nocella Jr.

If convicted of bank fraud, Gugnin faces up to 30 years in prison. More severe charges could lead to sentences far exceeding his lifetime. This case underscores the ongoing scrutiny of crypto-related activities and their potential legal repercussions.