Camilla Jessen
Yuri Gugnin is accused of laundering over $500 million in cryptocurrency.
U.S. federal prosecutors have indicted Yuri Gugnin, a Russian-born entrepreneur based in New York, for allegedly laundering more than half a billion dollars in cryptocurrency.
The money was used to support sanctioned Russian entities, including Rosatom, the state-run nuclear technology company.
As reported by the Kyiv Independent, the 38-year-old was arrested on June 9 and faces serious charges including bank fraud, wire fraud, money laundering, and conspiracy.
He is accused of using his two U.S.-registered companies, Evita Investments and Evita Pay, as a cover to move vast sums of money through the U.S. financial system under false pretenses.
How the Scheme Worked
According to court documents, Gugnin used stablecoin cryptocurrency—primarily Tether—to process payments from foreign clients, many of whom were linked to sanctioned Russian banks.
These funds were then laundered into U.S. dollars through U.S. bank accounts.
Authorities say Gugnin used these platforms to pay for electronics and export-controlled technologies destined for Russian state interests, all while disguising the source and final recipients.
From June 2023 to January 2025, the scheme funneled an estimated $530 million through U.S. institutions.
“Gugnin’s cryptocurrency company was allegedly a front for laundering hundreds of millions of dollars for the benefit of sanctioned Russian entities,” said Roman Rozhavsky, deputy director of the FBI’s Counterintelligence Division.
Misleading Banks and Authorities
The indictment alleges that Gugnin provided false documentation to banks and crypto exchanges, denying any links to Russia or sanctioned entities.
He is also accused of creating fake invoices, failing to file required suspicious activity reports, and violating anti-money laundering (AML) regulations.
“Gugnin turned a crypto company into a clandestine conduit for dirty money,” said Deputy Attorney General John A. Eisenberg.
The transactions, prosecutors say, were specifically structured to avoid detection and U.S. export laws, enabling Russian users to obtain restricted American-made technology.
If convicted, Gugnin faces up to 30 years in prison for each count of bank fraud and up to 20 years for each count of wire fraud.
The full number of charges has not yet been made public.