American Crypto Founder Arrested in New York for Alleged Russian Sanctions Bypass
On Monday, a prominent cryptocurrency firm founder, Iurii Gugnin, faced arrest in New York accused of orchestrating a sophisticated money laundering operation. The operation allegedly channeled approximately $530 million from sanctioned Russian financial institutions into the United States, facilitating access to sensitive American technology for Russian entities.
Gugnin, founder of Evita Pay, was indicted on 22 counts by the Department of Justice (DOJ). Charges include wire fraud, bank fraud, money laundering, and operating an unlicensed money transmitting business, the DOJ announced.
Scale and Method of Alleged Operation
The DOJ alleges the scheme operated from June 2023 to January 2025, processing billions in stablecoin transactions – specifically Tether (USDT) – on behalf of clients linked to major Russian banks under US sanctions (Sberbank, VTB, Sovcombank and Tinkoff).
According to Assistant Attorney General John A. Eisenberg, Gugnin “turned his crypto company into a ‘covert pipeline for dirty money,’ moving around $530 million through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive American technologies.”
Quote: “The Department of Justice will not hesitate to bring to justice those who imperil our national security by enabling our foreign adversaries to sidestep sanctions and export controls.” – John A. Eisenberg, Assistant Attorney General for National Security
The indictment states Gugnin allegedly misled U.S. banks about Evita’s connections to Russia, manipulated documentation to conceal client identities, and disregarded Anti-Money Laundering (AML) regulations, even after registering Evita Pay as a money transmission business in Florida based on false information.
Significant Potential Prison Sentence
If convicted, Gugnin faces a potential life sentence. The maximum penalties for the counts filed include:
- Bank fraud: Up to 30 years per count
- Wire fraud: Up to 20 years per count
- Failure to implement an effective AML program: Up to 10 years
- Failure to file suspicious activity reports: Up to 10 years
- Conspiracy to defraud the United States: Up to five years
Digital Evidence and Undercover Search History
Digital evidence, including searches conducted on Gugnin’s behalf on platforms like AnswerThePublic, allegedly indicates awareness of the DOJ’s investigation. The DOJ states Gugnin searched terms like “signs you may be under criminal investigation” and “how to avoid law enforcement.”
Speculation regarding Evita Pay’s comment policy was requested but not immediately responded to.
