Federal prosecutors in New York have charged Russian national Iurii Gugnin, CEO of the Miami-based crypto firm Evita, in a sweeping $530 million international fraud and money laundering case. Authorities allege Gugnin used his company as a covert channel to funnel funds to sanctioned Russian banks and entities, violating U.S. sanctions and export controls.
According to the U.S. Department of Justice (DOJ), Gugnin orchestrated the movement of over half a billion dollars through American banks and cryptocurrency platforms—including stablecoins USDT and USDC—concealing the origins and final recipients of the funds. Prosecutors say the scheme enabled Russian entities to bypass sanctions and access sensitive U.S. technology.
Gugnin, who faces a 22-count federal indictment, is charged with wire fraud, conspiracy to defraud the U.S., sanctions violations, and money laundering. He allegedly facilitated over 80 illicit transactions between June 2023 and January 2025, erasing digital traces to shield Russian recipients. His client list reportedly included sanctioned institutions such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state-owned nuclear energy giant Rosatom.
“This defendant is accused of transforming a crypto startup into a secret financial conduit for dirty money—deliberately aiding Russia’s sanctioned financial sector,” said Assistant Attorney General Matthew G. Olsen. “Such actions not only undermine the integrity of our financial system but directly support adversarial actors.”
FBI officials added that Gugnin’s operations jeopardized national security by allowing restricted Russian actors access to critical technologies through shell transactions.
Court documents revealed that Gugnin appeared aware of the illegality of his actions. He had reportedly searched online phrases such as “how to know if there is an investigation against you” and “money laundering penalties US.” Additional search history showed inquiries like “am I being investigated?”—further suggesting a conscious effort to evade law enforcement scrutiny.
Gugnin, known for his lavish lifestyle and once profiled by The Wall Street Journal as a $19,000-a-month renter in Manhattan, was arrested on Monday. If convicted, he faces up to 30 years in prison for bank fraud, 20 years for wire fraud and money laundering, 10 years for failing to implement an anti-money laundering (AML) program, and 5 years for conspiracy charges.
The case underscores growing concerns over the misuse of cryptocurrency platforms for geopolitical and illicit financial purposes—especially amid tightening international sanctions.
