The U.S. Department of Justice has arrested Iurii Gugnin, founder and executive of the crypto firm Evita Pay, over allegations that he ran a covert money laundering pipeline funneling approximately $530 million into the United States from sanctioned Russian banks. Operating from June 2023 to January 2025, Gugnin is charged with wire and bank fraud, money laundering, conspiracy to defraud the U.S., and violations of sanctions.
Authorities accuse Gugnin of using Evita Pay to process stablecoin Tether (USDT) transactions on behalf of Russian clients linked to banks such as Sberbank, VTB, Sovcombank, and Tinkoff. The DOJ stated that Gugnin used false statements, manipulated invoices, and concealed client identities to bypass sanctions and Anti-Money Laundering regulations, despite registering Evita Pay as a money transmitting business with false information.
Gugnin’s scheme allegedly helped sanctioned Russian banks and end-users access sensitive U.S. technologies by moving funds through U.S. financial institutions. The crypto executive faces up to 30 years in prison for bank fraud counts and other significant penalties. The case highlights ongoing regulatory scrutiny as Russia prepares to launch a state-sanctioned crypto exchange under limited legal frameworks. The DOJ emphasized its commitment to prosecuting those who threaten national security by enabling sanctions evasion.