The U.S. Department of Justice has charged Russian entrepreneur Yuri Gugnin with large-scale financial fraud. The businessman is accused of laundering over $500 million, violating sanctions, and illegally exporting American technology to Russia through cryptocurrency companies Evita Pay and Evita Investments.
This is reported by Бізнес • Медіа
Extensive Scheme Using Cryptocurrencies
According to the investigation, from June 2023 to January 2025, transactions totaling approximately $2 billion were conducted through Evita structures. Of these, $530 million passed through American banks, primarily in the stablecoin Tether. Over $365 million was converted into dollars to pay for goods for clients from Russia, China, and the UAE.
Gugnin provided false information to banks and cryptocurrency exchanges about having no connections to Russia. In reality, the ultimate beneficiaries of the funds were Russian entities, including sanctioned banks such as Sberbank, VTB, Sovcombank, Tinkoff Bank, Alfa-Bank, and Rosatom.
Serious Charges and Possible Punishment
After his arrest in New York, Gugnin was faced with 22 charges, including bank fraud, money laundering, and violations of the International Emergency Economic Powers Act. If convicted on all counts, he faces up to 30 years in prison.
“Let this serve as a warning that using cryptocurrency to conceal illegal activities will not prevent the FBI and our partners from holding you accountable.