A 38-year-old Russian man residing in New York has been indicted on charges of laundering more than $530 million through U.S.-based cryptocurrency platforms, according to federal prosecutors.
Iurii Gugnin, the defendant, is alleged to have used his businesses—Evita Investments Inc. and Evita Pay Inc.—to process funds from overseas clients, many holding accounts at Russian banks under U.S. sanctions. The operation reportedly relied heavily on Tether, a stablecoin, which was converted into dollars and moved through accounts at Manhattan financial institutions.
Prosecutors claim Gugnin misled banks and exchanges about his connections to sanctioned entities, facilitating payments for Russian lenders including Sberbank, VTB, and Alfa-Bank. He also allegedly helped acquire restricted U.S.-made electronics for Rosatom, Russia’s state-owned nuclear agency.
The scheme involved fabricated invoices and efforts to bypass anti-money laundering safeguards. Authorities say Gugnin falsely registered his company in Florida as a money transmitter. His online searches, such as “money laundering penalties US” and “am I being investigated?”, indicate he understood the legal dangers.
“Cryptocurrency can be misused like any financial system, but in most criminal cases, it’s only one component,” noted Allison Owen, an associate fellow at the Centre for Finance and Security at RUSI. “Because many cryptocurrencies are transparent in their transactions, investigators often gain a clearer picture of criminal networks.”
Gugnin faces up to 30 years in prison for each bank fraud count, and 20 years for wire fraud, money laundering, and sanctions violations.
In a related case, five men have pleaded guilty to a $36.9 million crypto investment scam run from Cambodia. Victims were lured through dating apps and social media into fake investment platforms, with funds channeled through shell companies and offshore accounts before being converted into 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 for the same reason they prefer cash in U.S. dollars—it’s a practical choice.”
She highlighted that industry collaboration is making a difference. “There is value in the fact that Tether works with law enforcement to freeze assets,” she added, referencing the company’s new partnership with TRM Labs and Tron.
Sentencing in the Cambodia case is pending, with possible penalties ranging from five to 20 years.