Press Release

Crypto Executive Charged in $530 M Stablecoin Laundering Scheme

Crypto Executive Charged in $530 M Stablecoin Laundering Scheme

FOR IMMEDIATE RELEASE | New York, USA | June 11, 2025 Iurii Gugnin

On June 10, 2025, the U.S. Department of Justice unsealed a 22-count indictment against Russian national Iurii Gugnin for laundering over $530 million in USDT through his fintech firms Evita Investments and Evita Pay. Prosecutors allege Gugnin moved funds on behalf of sanctioned Russian banks—including Sberbank and VTB—by converting fiat into Tether (USDT), transferring it into U.S. accounts, then reconverting back to fiat to obscure the money trail. Between June 2023 and January 2025, he processed transactions exceeding $530 million while falsely representing to banks and exchanges that his companies had no ties to Russia or any sanctioned entities.

Incident Background

Gugnin’s operation exploited the high liquidity and pseudo-anonymity of stablecoins to shuffle illicit funds through multiple crypto exchanges and U.S. bank accounts. He used shell invoices and falsified paperwork to “launder” the proceeds before passing them through U.S. financial institutions. Investigators also uncovered his internet search history, which showed he was fully aware of the legal risks and actively sought to evade detection.

Scheme Mechanics

Legal Proceedings

The 22-count indictment charges Gugnin with wire fraud, bank fraud, money laundering, operating an unlicensed money-transmitting business, and violating the Bank Secrecy Act. He faces up to 30 years in prison for each bank-fraud count and additional penalties for the other offenses. Gugnin was arrested in Manhattan and arraigned in the Eastern District of New York on June 10, 2025.

Industry Impact

This landmark case underscores key vulnerabilities:

Expert Advice & Best Practices


About Crypto Security Watch
Crypto Security Watch is a Jakarta-based nonprofit monitoring crypto security incidents worldwide.

Our Mission
We analyze, verify, and report on security incidents in the cryptocurrency ecosystem, empowering organizations and individuals with actionable insights and best practices.

Contact:
Li Wei
Co-Founder & Research Director, Crypto Security Watch
info@cryptosecuritywatch.com
https://cryptosecuritywatch.com