Russian Entrepreneur Charged in $530M Money Laundering Scheme

Brooklyn Prosecutors Charge Russian Entrepreneur in Massive Money Laundering Scheme

Brooklyn prosecutors have charged Russian national Yuri Gugnin, founder of the cryptocurrency payments company Evita, with orchestrating a complex money laundering scheme. The U.S. Department of Justice states that Gugnin facilitated the transfer of $530 million from sanctioned Russian banks and companies. This week, the 38-year-old Gugnin, residing in Manhattan, appeared in court and was taken into custody.

A Hidden Network for Dirty Money

The Justice Department alleges that Gugnin turned his cryptocurrency company into a secret network for laundering money. Authorities claim he assisted in transferring over half a billion dollars through the U.S. financial system to aid Russian banks under sanctions and helped Russian clients acquire confidential American technology.

In Depth: The Mechanics of the Scheme

Gugnin reportedly executed these operations through his companies, Evita Investment and Evita Pay, processing payments worth around $530 million while concealing their origin and purpose. Prosecutors indicate that from June 2023 to January 2025, Gugnin utilized U.S. banks and cryptocurrency exchanges, frequently involving Tether coins and a dollar-pegged stablecoin.

Allegations of Fraud and Misrepresentation

Prosecutors believe Gugnin manipulated business data and provided fraudulent information about his Russian ties to banks and crypto platforms. It’s alleged that he disguised the source of the funds and forged over 80 invoices, removing signatures from Russian contractors. “It is suspected that Gugnin entered the U.S. to establish a money laundering operation disguised as a crypto startup, used to evade sanctions and deceive U.S. financial institutions,” stated Joseph Nocella Jr., a prosecutor from the Eastern District of New York.

If Gugnin is convicted of bank fraud, he could face up to 30 years in prison. If proven guilty on all counts, his sentence could significantly exceed his lifespan.