Crypto Fraud Exposed: U.S. Charges Exec for Laundering $530M from Sanctioned Russian Banks

In a landmark crackdown on cryptocurrency misuse, U.S. authorities have charged Iurii Gugnin, founder of Evita Pay, with orchestrating a massive money laundering scheme that allegedly moved $530 million into the American financial system via sanctioned Russian banks, including Sberbank, VTB, Sovcombank, and Tinkoff. The Department of Justice revealed that from June 2023 to January 2025, Gugnin used stablecoins, primarily Tether (USDT), to process illicit transactions for Russian clients, enabling them to bypass U.S. sanctions and access sensitive American technology. Prosecutors accuse Gugnin of lying to U.S. banks about Evita Pays Russian ties, manipulating invoices to conceal client identities, and ignoring Anti-Money Laundering regulations, despite registering the company under false pretenses as a money transmitter in Florida. The 22-count indictment includes charges of wire and bank fraud, money laundering, and operating an unlicensed money transmitting business. If convicted, Gugnin could face life in prison, underscoring the gravity of this case amid ongoing U.S. efforts to disrupt global financial crime and protect national security. This bold enforcement action highlights the increasing scrutiny of cryptocurrency platforms as potential conduits for sanctions evasion and underscores the need for robust regulatory oversight in the digital asset sector.