New York resident allegedly launders $530 million from Russia into U.S. using crypto firm as 'covert pipeline'

Iurii Gugnin, a 38-year-old New York resident and Russian national, was arrested and arraigned in New York on Monday on charges related to wire fraud, bank fraud, and money laundering, among other alleged crimes, according to an 22-count indictment from the United States Department of Justice. 

“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,” Assistant Attorney General for National Security John A. Eisenberg said in a statement. 

Gugnin, also known as Iurii Mashukov and George Goognin, ran Evita Investments and Evita Pay as the firms' founder, president, treasurer, and compliance officer. Through Evita, Gugnin purportedly laundered millions worth of crypto assets for foreign customers, including those who maintained funds in sanctioned Russian banks, into Manhattan bank accounts. He reportedly concealed the origin of these funds and made other materially false statements about his businesses to banks and exchanges.

In all, Gugnin moved about $530 million into the U.S. financial system primarily using the stablecoin Tether (USDT) between June 2023 and January 2025, the DOJ indictment alleges. 

Gugnin's charges include wire and bank fraud, money laundering, conspiracy to defraud the U.S., and related conspiracy charges as well as a violation of the International Emergency Economic Powers Act. He faces a maximum penalty of 30 years in prison for each count of bank fraud.