New York federal prosecutors have made a significant arrest in the world of cryptocurrency, as the CEO of Miami-based crypto platform Evita, a Russian national named Iurii Gugnin, has been charged with orchestrating a massive $530 million fraud scheme. According to the Department of Justice release, Gugnin utilized his company, Evita, to move overseas payments totaling $530 million through US banks and crypto platforms, ultimately aiding sanctioned Russian banks.
The charges against Gugnin include a total of 22 counts, ranging from wire fraud and violations of US sanctions and export controls to money laundering. Assistant Attorney General Eisenberg described the accused as turning his cryptocurrency company into a covert channel for illicit funds, assisting sanctioned Russian banks and facilitating the acquisition of sensitive US technology by Russian end-users.
In a tweet by Inner City Press, it was revealed that Gugnin was detained following the indictment which detailed how he used Evita to process over 80 invoices between June 2023 and January 2025, masking the identities of Russian recipients and utilizing stablecoins like USDT and USDC for fund transfers. His clients reportedly included sanctioned Russian financial institutions such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and Rosatom.
FBI New York Assistant Director in Charge Raia condemned Gugnin’s alleged actions, stating that he manipulated the US financial system to benefit adversaries of the nation. Despite his high-net-worth status, as highlighted in a previous WSJ article, Gugnin now faces serious legal consequences for his involvement in the fraudulent scheme.
The DOJ also revealed that Gugnin was conscious of his illegal activities, as evidenced by his web searches on topics like money laundering penalties in the US and ways to determine if he was under investigation. If convicted, Gugnin could face up to 30 years in prison for bank fraud, 20 years for wire fraud and money laundering, 10 years for failure to implement an effective AML program, and 5 years for conspiracy to defraud the US financial system.
The arrest of Gugnin serves as a stark reminder of the risks and consequences associated with financial crimes in the cryptocurrency industry. The case highlights the importance of regulatory compliance and transparency in the rapidly evolving world of digital assets.