The U.S. Department of Justice has charged Russian entrepreneur Yuri Gugin with a large-scale money laundering scheme and violations of sanctions. According to the investigation, transactions exceeding $500 million were conducted through his cryptocurrency companies.
This is reported by Finway
Gugin, who was arrested in New York, founded the companies Evita Pay and Evita Investments in Florida and Delaware. Law enforcement claims that these entities were used to conceal international transactions and evade sanctions. The entrepreneur faces 22 charges, including bank fraud and violations of the International Emergency Economic Powers Act.
Scope of Operations and Modus Operandi
From June 2023 to January 2025, transactions amounting to approximately $2 billion were conducted through the Evita entities. Of this, $530 million passed through American banks, primarily in the stablecoin Tether. Over $365 million was converted into dollars to pay for goods by clients from Russia, China, and the UAE.
The investigation revealed that the funds were used to purchase American electronics, servers, luxury items, and works of art. Among the recipients are sanctioned Russian banks and state entities, including Rosatom.
Connections to Intelligence Services and Government Response
Law enforcement discovered that Gugin may have connections to Russian and Iranian intelligence services. He obtained an O-1A visa, presenting himself as a “serial entrepreneur,” and knowingly violated U.S. law.
“Let this serve as a warning that using cryptocurrency to conceal illegal activities will not prevent the FBI and our partners from holding you accountable,” stated Roman Rozhavsky, Assistant Director of the FBI’s Counterintelligence Division.
The case is being handled by the interagency Disruptive Technology Strike Force, established to counter the export of critical technologies to authoritarian states. If found guilty on all counts, Gugin faces up to 30 years in prison.