NY Resident Allegedly Launders $530 million via Crypto to Aid Russia

- Iurii Gugnin facing charges including wire fraud, bank fraud, and money laundering. - Allegedly used crypto firms to launder funds, aid sanctioned Russian banks. On June 10, 2025, The Block reported that authorities arrested and arraigned Iurii Gugnin in New York. Gugnin, a 38-year-old New York resident and Russian national, faces a 22-count indictment. The charges include wire fraud, bank fraud, money laundering, conspiracy to defraud the U.S., and violations of the International Emergency Economic Powers Act. The U.S. Department of Justice alleges Gugnin, also known as Iurii Mashukov and George Goognin, operated cryptocurrency firms Evita Investments and Evita Pay as a "covert pipeline for dirty money." Through these firms, authorities accuse him of laundering over $530 million from Russia into the U.S. financial system. He allegedly conducted these activities between June 2023 and January 2025, primarily using the stablecoin Tether (USDT). The indictment states Gugnin's actions aimed to aid sanctioned Russian banks and to help Russian entities acquire sensitive U.S. technology. To this end, he allegedly concealed the origin of these funds and made false statements to banks and exchanges regarding his businesses. If convicted, Gugnin faces a maximum penalty of 30 years in prison for each count of bank fraud. As of June 10, 00:08 UTC, Tether USDt (USDT) is trading at $1, reflecting a -0.021% change. According to market data, its 24-hour trading volume has increased by 41.3%.