Crypto payments company founder Iurii Gugnin charged in $500 million money laundering scheme

Iurii Gugnin

, a 38-year-old founder of a US-based

cryptocurrency payments

company, has been charged with orchestrating an international

money laundering scheme

that allegedly channeled over $500 million through the American financial system on behalf of sanctioned Russian banks and other entities. According to the Department of Justice (DOJ), Gugnin used his companies –

Evita investments

and

Evita Pay

, to move millions of dollars between June 2023 and January 2025. He allegedly concealed the true origin and purpose of the funds. The transactions were primarily conducted using tether, a widely used stablecoin pegged to the U.S. dollar, the DOJ said. Gugnin, also known as Iurii Mashukov and George Goognin, faces a sweeping 22-count indictment, including charges of wire fraud, bank fraud, money laundering, violating U.S. sanctions and export controls, and failing to implement anti-money laundering protocols.

Charges against Iurii Gugnin

According to court documents, Gugnin is charged with wire and bank fraud, conspiracy to defraud the United States, violation of the International Emergency Economic Powers Act (IEEPA), operating an unlicensed money transmitting business, failing to implement an effective anti-money laundering compliance program, failing to file suspicious activity reports, money laundering, and related conspiracy charges. Gugnin was arrested and arraigned today in New York.

“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,” said John A. Eisenberg, Assistant Attorney General for National Security. “The Department of Justice will not hesitate to bring to justice those who imperil our national security by enabling our foreign adversaries to sidestep sanctions and export controls.”Clients included individuals and businesses linked to Sberbank, VTB Bank, Sovcombank, Tinkoff, and state nuclear firm Rosatom. Prosecutors allege Gugnin lied to banks and digital asset platforms, falsified compliance documents, and used shell accounts and fake invoices to hide Russian ties.The indictment also claims Gugnin had direct ties to Russian intelligence operatives and officials in Iran, both of which are non-extradition countries. He is further accused of helping export controlled U.S. technology, including anti-terrorism-grade servers, to Russian clients.

Gugnin’s internet search history revealed he was aware of the legal consequences

Federal investigators noted that Gugnin’s internet search history showed he was aware of legal jeopardy, with queries like “how to know if there is an investigation against you” and “money laundering penalties US.”Previously featured in a Wall Street Journal article about affluent renters, Gugnin was reportedly paying $19,000 a month for a Manhattan apartment. If convicted on all charges, Gugnin could face a sentence far exceeding the 30-year maximum for bank fraud alone.