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Key Takeaways:
- Iurii Gugnin is charged with laundering $530M through crypto firms to help sanctioned Russian entities access U.S. dollars and technology.
- Stablecoins like USDT were central to the scheme, exposing vulnerabilities in the current crypto regulatory landscape.
- The DOJ case could lead to harsher AML enforcement and stricter crypto compliance measures to prevent similar threats.
The U.S. Department of Justice (DOJ) has unsealed a sweeping 22-count indictment against Iurii Gugnin, a Russian national residing in New York, for laundering over $530 million through cryptocurrency firms Evita Investments and Evita Pay. The case highlights growing U.S. concerns over crypto-enabled sanctions evasion and its national security implications.
Who is Iurii Gugnin and What is Evita Investments?
Gugnin, also known as George Goognin and Iurii Mashukov, is a 38-year-old Russian national accused of using his crypto companies to facilitate transactions for sanctioned Russian entities. While presenting Evita as a legitimate fintech firm, Gugnin allegedly used it as a front to funnel illicit funds through U.S. banks and crypto exchanges.
Acting as president, treasurer, and compliance officer, Gugnin held full control over Evita’s operations. Prosecutors say this allowed him to misrepresent company activities, falsify compliance documents, and sidestep Anti-Money Laundering (AML) regulations.
How Gugnin Used USDT to Evade U.S. Sanctions
Between June 2023 and January 2025, Gugnin allegedly moved over $500 million using Tether (USDT) — a stablecoin pegged to the U.S. dollar. He received crypto from clients tied to blacklisted Russian banks like Sberbank, VTB, and Sovcombank, then converted it into U.S. dollars via American banks.
To hide the illicit nature of the transactions, Gugnin digitally altered invoices, removed identifying information from Russian clients, and submitted false compliance documents. Authorities say Evita operated without a real AML program and failed to file Suspicious Activity Reports (SARs) required under U.S. law.
Enabling Access to Restricted U.S. Technology
Gugnin’s network allegedly facilitated the acquisition of U.S. export-controlled technologies by Russian clients, including components tied to Rosatom, Russia’s nuclear agency. Federal investigators say he used crypto payments and shell transactions to buy sensitive servers and parts, bypassing U.S. export controls.
Gugnin also allegedly obtained a Florida money transmitter license under false pretenses to operate under the guise of regulatory compliance, further embedding his scheme within the U.S. financial system.
Gugnin has been charged with wire fraud, bank fraud, conspiracy, money laundering, and sanctions violations under the International Emergency Economic Powers Act (IEEPA). He faces up to 30 years in prison for some charges and is currently detained as a flight risk.
Federal investigators uncovered web searches by Gugnin such as “money laundering penalties US” and “am I being investigated,” which they say point to his awareness of the criminal nature of his actions.
Also Read: Russia’s Arm Maker Rostec to Launch RUBx Stablecoin & RT-Pay System in 2025
The Gugnin case comes amid rising scrutiny over the role of stablecoins like USDT in cross-border money laundering and sanctions evasion. With over $500 million allegedly funneled through U.S. systems, regulators are expected to tighten AML compliance rules, enforce KYC obligations more rigorously, and expand reporting requirements for crypto firms.
The case underscores the urgency of developing clearer, stricter frameworks to prevent digital assets from being exploited by foreign adversaries, especially in matters involving national security.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
