Executive Summary

A Russian national operating cryptocurrency firms in New York faces 22 criminal charges for allegedly laundering $530 million through US banks and crypto exchanges. Court documents reveal sophisticated use of Tether (USDT) to bypass sanctions and move funds for clients linked to blacklisted Russian banks.

The Alleged Operation

Iurii Gugnin, 38, reportedly established Evita Investments and Evita Pay as cryptocurrency payment processors between 2023-2025. Prosecutors claim these entities served as conduits for moving funds through these key methods:

• Processing 【$530 million】 in USDT transactions for Russian clients
• Creating false compliance documents for US financial institutions
• Digitally altering invoices to conceal Russian connections
• Maintaining personal accounts with sanctioned banks Alfa-Bank and Sberbank

Sanctions Evasion Tactics

The DOJ indictment details how Gugnin allegedly enabled access to restricted US technology. Court filings show:

——The scheme allegedly helped procure sensitive servers and nuclear energy components for Russian state entities——
• Transactions involved banks under US sanctions: VTB, Sovcombank, Tinkoff
• Evita obtained a Florida money transmitter license using misleading information

Regulatory Failures

Authorities highlight critical compliance violations in the operation:

• No implemented Anti-Money Laundering (AML) program
• Zero suspicious activity reports filed with FinCEN
• False claims of KYC compliance to cryptocurrency exchanges
• Deceptive representations to banking partners about client origins

Digital Footprint Evidence

Investigators uncovered revealing internet searches from Gugnin's devices including:
• "money laundering penalties US"
• "how to know if under investigation"
• "Evita Investments criminal records"
This digital trail suggests awareness of illegal activities according to prosecutors.

Legal Consequences

Gugnin faces multiple felony charges with severe potential penalties:

• Up to 30 years for bank fraud counts
• 20-year maximum sentences for wire fraud and sanctions violations
• Additional charges for unlicensed money transmission
Currently detained in New York as a flight risk, with trial pending.

Broader Industry Implications

This case highlights growing concerns about stablecoin misuse:

【78%】of the laundered funds moved through USDT according to court documents
——Experts warn such cases may trigger stricter crypto exchange oversight——
The Treasury Department has fined multiple platforms for sanctions violations since 2022

Financial crime specialists note this operation's sophistication reflects evolving challenges in tracking cross-border crypto transactions, particularly involving mixers and privacy coins.