Reported by
A Russian citizen living in New York has been charged with laundering more than $530 million through U.S.-based cryptocurrency companies, according to a newly unsealed federal indictment.
Iurii Gugnin, 38, allegedly used his companies—Evita Investments Inc. and Evita Pay Inc.—to move funds from foreign clients, many with accounts at sanctioned Russian banks, through U.S. financial institutions while concealing the origins of the money. Prosecutors say the operation relied heavily on Tether (USDT), a popular stablecoin, which was converted into dollars and routed through Manhattan-based bank accounts.
Gugnin is accused of lying to banks and exchanges about his ties to sanctioned entities and helping facilitate payments for Russian banks including Sberbank, VTB, and Alfa-Bank. He also allegedly helped procure sensitive U.S.-made electronics for Rosatom, Russia’s state-owned nuclear firm.
The scheme involved falsified invoices and evasion of anti-money laundering rules. Prosecutors say Gugnin even falsely registered his firm in Florida as a money transmitter. His internet search history—“money laundering penalties US” and “am I being investigated?”—suggests he was aware of the risks.
“Cryptocurrency can be exploited like any financial system, but in most criminal cases, it's just one piece of the puzzle,” said Allison Owen, associate fellow at the Centre for Finance and Security at RUSI. “Due to the transactional transparency of many cryptocurrencies, investigators often gain a broader understanding of criminal networks.”
Gugnin faces up to 30 years in prison for each bank fraud charge, and 20 years for wire fraud, money laundering, and sanctions violations.
In a separate case, five men pleaded guilty in a $36.9 million crypto investment scam run from Cambodia. Victims were lured through dating apps and social media into fake platforms, with funds funneled through shell companies and offshore accounts before being converted to Tether.
The scam involved Axis Digital Limited and bank accounts in the Bahamas. Defendants include Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su.
“When discussing stablecoins like Tether, context matters,” Owen said. “Criminals might choose Tether the same way they prefer cash in USD—it’s a practical decision.”
She noted that industry cooperation is helping. “There is value in the fact that Tether works with law enforcement to freeze assets,” she added, citing the company’s new partnership with TRM Labs and Tron.
Sentencing in the Cambodia case is pending, with penalties ranging from five to 20 years.
