Iurii Gugnin, founder of Evita Pay and Evita Investments, is accused of laundering nearly $2 billion for Russian, Chinese, and Emirati clients through stablecoins like USDT.
An Entrepreneur Accused of Circumventing Sanctions Amounting to $2 Billion
This is not just a financial fraud case. It’s a sprawling affair where crypto, geopolitics, and high technology dangerously intersect.
The US Department of Justice has apprehended Iurii Gugnin, a Russian-born entrepreneur based in the United States, accused of setting up a clandestine pipeline to bypass international sanctions against Russia.
As the founder of Evita Pay and Evita Investments, two registered entities in the US, Gugnin allegedly enabled the transfer of over $500 million, while facilitating Russian clients’ access to sensitive American technologies, notably on behalf of Rosatom, the Russian state nuclear giant.
Behind a Crypto Facade, a Large-Scale Money Laundering Operation
Gugnin came to the US and established a money laundering operation under the guise of a crypto startup, which he then used to evade sanctions, export controls, and defraud US financial institutions.
Joseph Nocella, US prosecutor
Residing in New York since 2022 on an O-1A visa reserved for individuals with ‘extraordinary abilities,’ Gugnin had crafted an image as a serial fintech entrepreneur.
However, prosecutors claim his crypto company actually served as a cover for a darker scheme:
-> foreign clients, primarily in Russia, China, and the UAE, transferred crypto assets (often USDT) to his entities;
-> Gugnin laundered them through crypto wallets and US bank accounts;
-> the funds were then converted into fiat to make tailored payments, including for yachts, artworks, or illegally exported computing servers.
Links to Russian and Iranian Services
The indictment goes further, mentioning direct connections between Gugnin and Russian and Iranian intelligence agents, a detail of grave concern to authorities fearing an organized escape of the accused from US territory.
The 38-year-old, also known as George Goognin and Iurii Mashukov, now faces 22 charges, some carrying up to 30 years in prison. He allegedly facilitated nearly $2 billion in transactions, including $365 million in Tether, mainly through his Evita Investments entity.
Implications Beyond the Judicial Realm
As the US intensifies sanctions and export controls, this case could signify a turning point in monitoring crypto players, especially those operating at the intersection of decentralized finance and conflict zones.
Crypto, digital cold war, circumvented sanctions: the Gugnin case crystallizes concerns about clandestine uses of stablecoins and offshore structures.
