Iurii Gugnin, Russian CEO of the Miami-based platform Evita, has been arrested in New York for a $530 million crypto fraud scheme. Among the 22 charges, it emerges that Gugnin allegedly used the money to help sanctioned Russian banks.
Russia and $530 million crypto fraud: the CEO who helps sanctioned banks
As reported by the DOJ release, Iurii Gugnin, Russian CEO of the Miami-based crypto payment platform Evita, has been arrested in New York for crypto fraud.
In practice, it seems that Gugnin has orchestrated a scheme to channel 530 million dollars of payment abroad, through USA banks and crypto-exchanges.
Such transactions occurred in violation of the International Emergency Economic Powers Act (IEEPA), with failure to implement an effective anti-money laundering compliance program, failure to file suspicious activity reports, money laundering, and related conspiracy charges.
Gugnin is now charged with 22 counts of wire fraud, violation of U.S. sanctions and export controls, and money laundering. Pending his trial, the CEO of Evita has been placed in detention.
From what has emerged, Gugnin used his companies to allow foreign clients, many of whom held funds at Russian banks under sanctions, to provide him with cryptocurrencies, which he then laundered through crypto wallets and U.S. bank accounts.
Some names of these clients are Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state energy company Rosatom.
Between June 2023 and January 2025, Gugnin used Evita to facilitate the movement of approximately 530 million dollars through the US financial system, most of which were received in Tether (USDT).
Russia and crypto fraud: the CEO faces several years of imprisonment
For this case, there are several prosecutors who have commented on the behavior of the accused. The Assistant Attorney General Eisenberg said the following:
“The defendant is accused of having transformed a cryptocurrency company into a secret conduit for dirty money, moving over half a billion dollars through the US financial system to help sanctioned Russian banks and to help Russian end-users acquire sensitive US technology. The Department of Justice will not hesitate to bring to justice those who put our national security at risk by allowing our foreign adversaries to evade sanctions and export controls.”
The Procuratore degli Stati Uniti Nocella also commented as follows:
“As alleged, Gugnin came to the United States and set up a money laundering operation under the guise of a cryptocurrency start-up, which he then used to evade sanctions and export controls and defraud U.S. financial institutions. Today’s arrest demonstrates that this Office will vigorously pursue those who abuse the U.S. financial system to further criminal activities, particularly when they undermine national security.”
In any case, if convicted, Gugnin faces up to 30 years in prison for the charges of bank fraud; 20 years in prison for the charges of wire fraud, IEEPA, money laundering, and related conspiracy; 10 years in prison for failing to implement an effective anti-money laundering program and failing to file reports on suspicious activities; and 5 years in prison for conspiracy to defraud the United States and operating an unlicensed money transmitting business.
The bill for the digital ruble
In the meantime, at the end of May, in Russia, the State Duma approved in the first reading the bill on the gradual introduction into circulation of the digital ruble.
In practice, the parliament of Russia has approved the law that obliges banks to carry out transactions with the digital ruble and to use a universal QR code.
The objective is to expand payments in digital ruble, as well as to introduce a universal code for the payments of goods, works, and services.
If the bill were to become law, within three years both banks and retail outlets in Russia will be required to implement the possibility of paying in digital currency.