The U.S. Department of Justice (DOJ) announced on June 9 that Iurii Gugnin, a Russian national living in New York, faces 22 criminal charges for allegedly laundering over $500 million through his cryptocurrency companies, Evita Investments Inc. and Evita Pay Inc.

Gugnin is accused of using his businesses to help foreign customers, particularly from Russia, bypass U.S. sanctions and export controls. He allegedly used cryptocurrency, primarily Tether ( USDT), to disguise the origin of funds and facilitate transactions with sanctioned Russian banks, defrauding U.S. financial institutions in the process. According to the DOJ:

Between June 2023 and January 2025, Gugnin used Evita to facilitate the movement of approximately $530 million through the U.S. financial system, most of which he received in the form of a cryptocurrency stablecoin known as tether, or ‘ USDT.’

“To effectuate the scheme, Gugnin defrauded various banks and cryptocurrency exchanges through which he converted funds and made wire transfers,” the indictment states, adding that Gugnin is also accused of misleading these institutions by claiming his companies did not engage with Russian entities. Gugnin is further alleged to have facilitated payments for the procurement of sensitive U.S. technology for Russian interests, including components for Russia’s nuclear program.

The charges against Gugnin include wire and bank fraud, conspiracy to defraud the U.S., violating the International Emergency Economic Powers Act (IEEPA), and money laundering. U.S. Attorney Joseph Nocella Jr. emphasized the commitment to prosecuting individuals who misuse the U.S. financial system for illegal activities. If convicted, Gugnin faces up to 30 years in prison.

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