Crypto founder lied to banks and laundered money for Russian companies

Federal prosecutors in Brooklyn have charged Iurii Gugnin, the 38-year-old Russian founder of a U.S.-based crypto payments firm, with running a global laundering network that moved over $530 million for Russia’s sanctioned banks and companies, according to the U.S. Department of Justice. Gugnin, who lived in Manhattan, was arrested on Monday, taken to court the same day, and ordered to stay locked up until trial. The 22-count indictment claims Gugnin ran the operation through two companies he controlled — Evita Investments and Evita Pay — while hiding the source, flow, and purpose of the funds. Prosecutors say between June 2023 and January 2025, he funneled payments for clients tied to banned entities using a mix of U.S. banks and crypto exchanges, mostly moving the money through Tether, a stablecoin pegged to the dollar. Gugnin lied to banks, erased Russian links, and used shell accounts Justice officials allege Gugnin’s clients included institutions under U.S. sanctions, such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and Rosatom, Russia’s state-run nuclear energy firm. These are not random wallets—they’re tied to the Kremlin’s financial and tech backbone. Prosecutors say Gugnin helped them get around restrictions by faking compliance documents, lying to banks, and hiding ties to Russia. They accuse him of using shell companies and doctored records to make payments look clean. He allegedly rewrote over 80 invoices, digitally removing any trace of the Russian entities involved. The goal was simple: get the money past U.S. systems without anyone catching on. U.S. officials say Gugnin also helped them buy restricted American technology. One example given is a server covered by anti-terrorism export laws, which landed in the hands of a Russian client thanks to his operation. Assistant Attorney General Matthew G. Olsen stated, “The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology.” Gugnin apparently knew he was in deep. The feds say he searched online for phrases like “how to know if there is an investigation against you” and “money laundering penalties US” before his arrest, showing he expected federal heat. And he wasn’t just moving cash. Officials say he kept up direct ties with Russia’s intelligence service and with Iranian officials. Neither country sends people back to the U.S. when wanted. Despite being at the center of a half-billion-dollar laundering case, Gugnin was living large in New York. In fall 2024, the Wall Street Journal featured him in a story about rich renters. He was paying $19,000 a month for a luxury Manhattan apartment. The Justice Department made clear: if Gugnin is convicted of bank fraud alone, he could get 30 years in prison. But if the court finds him guilty on all 22 charges, his total sentence could be stacked into a prison term longer than a full human life. He has not entered a plea yet and is being held without bond as he waits for his next court date. Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites

Source: Cryptopolitan