The company has allegedly been helping Russia bypass sanctions
Iurii Gugnin, the founder of Evita Pay, has been arrested in New York and charged with laundering more than $500 million into the US through cryptocurrency, according to the US Department of Justice. Federal prosecutors allege Gugnin used his crypto payments firm to help sanctioned Russian banks bypass US financial restrictions and acquire sensitive American technologies.
Gugnin is facing a 22-count indictment that includes charges of bank and wire fraud, money laundering, and operating an unlicensed money transmitting business. Authorities say the scheme operated between June 2023 and January 2025 and involved stablecoin transactions, particularly Tether, to conceal the source and purpose of the funds.
The DOJ claims Gugnin worked with Russian clients tied to blacklisted institutions, including Sberbank, VTB, Sovcombank, and Tinkoff Bank. Officials allege he masked these connections by falsifying invoices, misrepresenting Evita Pay’s ties to Russia, and submitting misleading information when registering the company in Florida.
Assistant Attorney General John A. Eisenberg stated the operation represented a direct threat to national security, accusing Gugnin of running a secretive financial network to help foreign adversaries access restricted US technologies.
Further evidence includes Gugnin’s alleged online activity, where he reportedly searched for phrases like “Am I being investigated?” and “signs you may be under criminal investigation,” suggesting he may have been aware of the legal risks he was facing.
If convicted, Gugnin could face serious prison time. Each bank fraud charge carries a potential 30-year sentence, wire fraud charges carry up to 20 years each, and other charges related to regulatory violations could add another 10 years. A separate conspiracy charge could result in five more years behind bars.
Evita Pay has not publicly commented on the allegations, and the case remains ongoing in federal court.
