Brooklyn Fed Charges Putin‑Linked Crypto CEO in $500M Laundering Scheme
Federal prosecutors in Brooklyn have charged Iurii Gugnin, founder of U.S.-based cryptocurrency payments companies Evita Investments and Evita Pay, with orchestrating a sophisticated international money‐laundering scheme that moved over $500 million for sanctioned Russian banks and associated entities The 38‑year‑old Russian national, living in Manhattan, was arrested on June 9 and arraigned on Monday, now held without bail pending trial
He faces a 22-count federal indictment, including allegations of wire and bank fraud, money laundering, violating U.S. sanctions and the International Emergency Economic Powers Act, knowingly circumventing export controls, and failing to implement required anti-money laundering protocols.
Assistant Attorney General John A. Eisenberg said that Gugnin used his crypto firms as “a covert pipeline for dirty money,” channeling over $500 million through the U.S. financial system to support sanctioned Russian banks and facilitate the acquisition of U.S. technology for Russian entities
According to prosecutors, from June 2023 to January 2025, Gugnin processed around $530 million using tether (USDT), routing the funds through U.S. banks and cryptocurrency exchanges, while obscuring their origin and purpose . His clientele reportedly included entities linked to Sberbank, VTB, Sovcombank, Tinkoff, Alfa‑Bank, and Rosatom
Prosecutors accuse him of falsifying compliance paperwork, concealing his Russian ties from banks and crypto platforms, using shell accounts, doctoring more than 80 invoices to hide counterparties, and failing to file suspicious activity reports
Digital forensics uncovered searches conducted by Gugnin—such as “am I being investigated?”, “money laundering penalties US”, and “Evita Investments criminal records”—indicating he was aware of possible scrutiny
Additionally, the DOJ alleges that Gugnin maintained direct connections with Russian intelligence and Iranian officials—and facilitated the export of U.S.-origin controlled technology, including a server classified for counter‑terrorism use, to Russian clients
Previously profiled by the Wall Street Journal for renting a Manhattan apartment at $19,000 per month, he now faces significant penalties. Each bank fraud count carries up to 30 years in prison, with wire fraud, money laundering, and sanctions violations adding up to 20 years per count—and convictions on all counts could extend significantly beyond a lifetime term
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