Latest news with #IuriiGugnin
Wall Street Journal
10-06-2025
- Business
- Wall Street Journal
While Senate Considers Genius Act, Russian Is Charged With Stablecoin Laundering
Criminal charges against a Russian man who allegedly used stablecoins to help his countrymen evade U.S. sanctions highlight the concerns about the cryptocurrencies, just as Congress considers legislation to regulate and legitimize them. Iurii Gugnin, who went by George Goognin, started a fintech company called Evita to help customers move money across borders, including through the use of stablecoins. Through that network, prosecutors say, Gugnin helped foreign customers move roughly $530 million into cryptocurrency wallets and U.S. bank accounts, including from sanctioned Russian banks.
Yahoo
10-06-2025
- Business
- Yahoo
A crypto CEO is accused of laundering $500 million to aid sanctioned Russian banks
Federal prosecutors charged Iurii Gugnin with using his crypto firm to launder $530 million. Gugnin, the CEO of Evita Pay, is accused by the DOJ of processing Tether stablecoin transactions. The complaint said Gugnin used his company to "help Russian end-users acquire sensitive US technology." The US Department of Justice charged the CEO of a cryptocurrency company with a money laundering scheme that helped clients with ties to Russian banks evade sanctions. An announcement from the department on Monday said that Iurii Gugnin, the CEO of Evita Pay, funneled $530 million of foreign payments through banks and crypto exchanges while concealing the purpose and the source of the transactions. "The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology," John A. Eisenberg, assistant attorney general for national security, said. The scheme ran from June 2023 to January 2025, and involved processing payments of Tether — one of the biggest dollar-denominated stablecoins — for Russian clients linked to blacklisted banks including VTB and Sberbank. "To effectuate the scheme, Gugnin defrauded various banks and cryptocurrency exchanges through which he converted funds and made wire transfers," the DOJ statement said. "Gugnin repeatedly lied to these banks and exchanges, telling them that Evita did not conduct business with entities in Russia and did not deal with sanctioned entities." Gugnin was arrested in Manhattan on Monday and faces 22 counts related to wire and bank fraud, operating an unlicensed money transmitting business, and failing to implement an effective anti-money laundering compliance program. The DOJ statement also says Gugnin's internet search queries included things like "how to know if there is an investigation against you," and "money laundering penalties US." If convicted, Gugnin could face life in prison, with a maximum of 30 years for each count of banks fraud, 20 years for each count of wire fraud, and 10 years for failing to implement anti-money laundering practices. Read the original article on Business Insider
Business Insider
10-06-2025
- Business
- Business Insider
A crypto CEO is accused of laundering $500 million to aid sanctioned Russian banks
The US Department of Justice charged the CEO of a cryptocurrency company with a money laundering scheme that helped clients with ties to Russian banks evade sanctions. An announcement from the department on Monday said that Iurii Gugnin, the CEO of Evita Pay, funneled $530 million of foreign payments through banks and crypto exchanges while concealing the purpose and the source of the transactions. "The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology," John A. Eisenberg, assistant attorney general for national security, said. The scheme ran from June 2023 to January 2025, and involved processing payments of Tether — one of the biggest dollar-denominated stablecoins — for Russian clients linked to blacklisted banks including VTB and Sberbank. "To effectuate the scheme, Gugnin defrauded various banks and cryptocurrency exchanges through which he converted funds and made wire transfers," the DOJ statement said. "Gugnin repeatedly lied to these banks and exchanges, telling them that Evita did not conduct business with entities in Russia and did not deal with sanctioned entities." Gugnin was arrested in Manhattan on Monday and faces 22 counts related to wire and bank fraud, operating an unlicensed money transmitting business, and failing to implement an effective anti-money laundering compliance program. The DOJ statement also says Gugnin's internet search queries included things like "how to know if there is an investigation against you," and "money laundering penalties US." If convicted, Gugnin could face life in prison, with a maximum of 30 years for each count of banks fraud, 20 years for each count of wire fraud, and 10 years for failing to implement anti-money laundering practices.
Time of India
10-06-2025
- Business
- Time of India
Crypto payments company founder Iurii Gugnin charged in $500 million money laundering scheme
Representative image Iurii Gugnin , a 38-year-old founder of a US-based cryptocurrency payments company, has been charged with orchestrating an international money laundering scheme that allegedly channeled over $500 million through the American financial system on behalf of sanctioned Russian banks and other entities. According to the Department of Justice (DOJ), Gugnin used his companies – Evita investments and Evita Pay , to move millions of dollars between June 2023 and January 2025. He allegedly concealed the true origin and purpose of the funds. The transactions were primarily conducted using tether, a widely used stablecoin pegged to the U.S. dollar, the DOJ said. Gugnin, also known as Iurii Mashukov and George Goognin, faces a sweeping 22-count indictment, including charges of wire fraud, bank fraud, money laundering, violating U.S. sanctions and export controls, and failing to implement anti-money laundering protocols. Charges against Iurii Gugnin According to court documents, Gugnin is charged with wire and bank fraud, conspiracy to defraud the United States, violation of the International Emergency Economic Powers Act (IEEPA), operating an unlicensed money transmitting business, failing to implement an effective anti-money laundering compliance program, failing to file suspicious activity reports, money laundering, and related conspiracy charges. Gugnin was arrested and arraigned today in New York. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo 'The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology,' said John A. Eisenberg, Assistant Attorney General for National Security. 'The Department of Justice will not hesitate to bring to justice those who imperil our national security by enabling our foreign adversaries to sidestep sanctions and export controls.' Clients included individuals and businesses linked to Sberbank, VTB Bank, Sovcombank, Tinkoff, and state nuclear firm Rosatom. Prosecutors allege Gugnin lied to banks and digital asset platforms, falsified compliance documents, and used shell accounts and fake invoices to hide Russian ties. The indictment also claims Gugnin had direct ties to Russian intelligence operatives and officials in Iran, both of which are non-extradition countries. He is further accused of helping export controlled U.S. technology, including anti-terrorism-grade servers, to Russian clients. Gugnin's internet search history revealed he was aware of the legal consequences Federal investigators noted that Gugnin's internet search history showed he was aware of legal jeopardy, with queries like 'how to know if there is an investigation against you' and 'money laundering penalties US.' Previously featured in a Wall Street Journal article about affluent renters, Gugnin was reportedly paying $19,000 a month for a Manhattan apartment. If convicted on all charges, Gugnin could face a sentence far exceeding the 30-year maximum for bank fraud alone. HP EliteBook Ultra Review: Thin, light, power in a premium package
Yahoo
10-06-2025
- Business
- Yahoo
US accuses Russian of laundering millions, helping Moscow obtain sensitive technology
U.S. prosecutors have charged cryptocurrency entrepreneur Iurii Gugnin with laundering over $500 million and helping sanctioned Russian entities bypass export controls. Gugnin, a 38-year-old Russian national living in New York, founded the U.S.-based companies Evita Investments and Evita Pay. He was arrested in New York on June 9 and faces multiple charges, including wire fraud, bank fraud, money laundering, and conspiracy. According to court documents, Gugnin used his crypto payments companies to receive cryptocurrency from foreign clients, many of whom held accounts at sanctioned Russian banks. He then converted the funds into U.S. dollars through U.S. bank accounts and facilitated payments for electronics and other goods, concealing the origin of the money and the identities of those involved. "Gugnin's cryptocurrency company allegedly served as a front to launder hundreds of millions of dollars for sanctioned Russian entities and to obtain export-controlled technology for the Russian government," said Assistant Director Roman Rozhavsky of the FBI's Counterintelligence Division. Between June 2023 and January 2025, Gugnin used Evita to facilitate the movement of approximately $530 million through the U.S. financial system, most of which he received in the form of a cryptocurrency stablecoin known as Tether, according to the U.S. Department of Justice report. Prosecutors allege that Gugnin laundered money used to purchase parts for Rosatom, Russia's state-owned nuclear technology company, and helped Russian end-users acquire export-controlled U.S. technology. Assistant Attorney General John A. Eisenberg said Gugnin turned a crypto startup into 'a covert pipeline for dirty money.' The Department of Justice accused Gugnin of deceiving banks and crypto exchanges by falsely claiming that Evita did not deal with Russian or sanctioned entities. He also allegedly doctored invoices to obscure Russian customers and failed to comply with anti-money laundering rules, including neglecting to file required suspicious activity reports. If convicted, Gugnin faces a maximum penalty of 30 years in prison for each count of bank fraud and a maximum penalty of 20 years in prison for each of the wire fraud. Read also: Key to Russia's potential defeat lies in its economy We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
