Russian Crypto Executive Charged in $530 Million Money Laundering Scheme
In a major crackdown by the Brooklyn District Attorney’s office, Russian national Yuri Gugnin, founder of cryptocurrency company Evita, is accused of orchestrating a massive $530 million money laundering scheme. The U.S. Department of Justice (DOJ) claims the company funneled funds through U.S. financial systems to assist Russian banks and entities under sanctions. This week, 38-year-old Gugnin, residing in Manhattan, appeared in court and was taken into custody.
Allegations of Sophisticated Financial Manipulation
The DOJ’s statement accuses Gugnin of converting Evita into a “covert conduit for laundering illicit funds.” Allegedly, he facilitated over $0.5 billion in transactions to support sanctioned Russian banks and assisted end-users in acquiring sensitive American technologies. Utilizing his ventures, Evita Investment and Evita Pay, Gugnin allegedly processed payments while concealing their origins and purposes.
Complex System Involving Cryptocurrency
From June 2023 to January 2025, Gugnin reportedly used U.S. banks and crypto exchanges, primarily leveraging Tether and USD-pegged stablecoins. The DOJ suggests his clientele included Sberbank, VTB, Sovcombank, Tinkoff Bank, and Rosatom. Prosecutors suspect Gugnin misrepresented his business scale and provided false information regarding his Russian ties to banking institutions and crypto platforms.
Implications and Legal Consequences
The Eastern District of New York’s prosecutor, Joseph Noce, underscores Gugnin’s alleged intent: disguising a money-spinning operation as a legitimate crypto startup to dodge sanctions and export controls. Gugnin is accused of forging over 80 invoices by erasing the signatures of Russian counterparts. If convicted of bank fraud, Gugnin could face up to 30 years in prison, with penalties for all charges possibly exceeding a lifetime sentence.
