The post US DOJ Exposes $500M Crypto Laundering Operation Linked to Russian Banks appeared on BitcoinEthereumNews.com.

US authorities have charged crypto entrepreneur Iurii Gugnin with operating a $500 million money laundering scheme through his crypto companies, helping sanctioned Russian banks and entities bypass international financial restrictions. Crypto CEO Accused of Running Sanctions Evasion Pipeline Federal prosecutors have indicted the founder of two New York-based cryptocurrency firms for allegedly laundering over $500 million through the US financial system while enabling sanctioned Russian financial institutions to evade international restrictions. Iurii Gugnin, a 38-year-old Russian national residing in New York, was arrested on Monday and now faces a 22-count indictment for his alleged involvement in a sophisticated financial crime network. The charges include wire and bank fraud, conspiracy to defraud the United States, and violations of the International Emergency Economic Powers Act (IEEPA). Links to Sanctioned Russian Banks According to the US Department of Justice (DOJ), Gugnin operated Evita Investments Inc. and Evita Pay Inc. as fronts for laundering illicit funds on behalf of Russian entities restricted under international sanctions. Between June 2023 and January 2025, Gugnin is accused of processing transactions for major Russian banks, including Sberbank, VTB Bank, and Tinkoff Bank. Prosecutors claim Gugnin not only conducted these illicit financial operations but also maintained personal accounts with sanctioned banks like JSC Alfa-Bank and Sberbank while living in the United States. These activities reportedly helped Russian clients access sensitive US-origin technology and nuclear-related materials in defiance of export controls. Deceptive Practices and Financial Manipulation Court filings allege that Gugnin misled US banks by falsely claiming that his companies had no dealings with Russian or sanctioned entities. Meanwhile, behind the scenes, he allegedly laundered cryptocurrency, primarily Tether (USDT), through various wallets and US-based bank accounts. The funds were converted into dollars and used to facilitate payments via Manhattan-based financial institutions. The Justice Department described Gugnin’s operation as “a covert…

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Filed under: News - @ June 12, 2025 11:26 am