Federal prosecutors have charged Iurii Gugnin, the CEO of Evita Pay, with a money laundering scheme that allegedly funneled $530 million through US banks and cryptocurrency exchanges to aid Russian banks and individuals. The Department of Justice claims Gugnin processed Tether stablecoin transactions for Russian clients linked to blacklisted banks VTB and Sberbank.
The scheme occurred from June 2023 to January 2025, with Gugnin repeatedly lying to banks and exchanges about Evita’s dealings in Russia. He faces 22 counts related to wire and bank fraud, operating an unlicensed money transmitting business, and failing to implement anti-money laundering practices.
If convicted, Gugnin could face up to life in prison, depending on the charges. The US government is cracking down on individuals who exploit financial systems for illicit gain.
Source: https://www.businessinsider.com/crypto-money-laundering-crime-russian-bank-sanctions-evita-stablecoins-doj-2025-6