The founder of a cryptocurrency payment company, Iurii Gugnin, also known as Iurii Mashukov and George Goognin, is facing serious charges after an unsealed 22-count indictment. The Department of Justice alleges that Gugnin leveraged his company, Evita, to funnel over $500 million through U.S. banks and cryptocurrency exchanges, effectively laundering money and evading sanctions against Russia. The 38-year-old Russian citizen and New York resident disguises the source and intent of these transactions, which according to court documents, is a violation of multiple financial and national security regulations.
Iurii Gugnin was arrested and arraigned in New York on a myriad of charges, including wire and bank fraud, conspiracy to defraud the United States, and money laundering. The Department of Justice reports that from June 2023 to January 2025, Gugnin and his companies, Evita Investments Inc. and Evita Pay Inc., received predominantly in the form of Tether (USDT), a cryptocurrency stablecoin, to conduct these illicit activities. It’s alleged that he was able to quickly to convert cryptocurrency to U.S. dollars, obscuring the origins and destinations of the funds.
Assistant Attorney General John A. Eisenberg for National Security stated that, “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.” U.S. Attorney Joseph Nocella Jr. highlighted the defendant’s role in undermining national security, saying, “Today’s arrest demonstrates that this Office will vigorously prosecute those who abuse the U.S. financial system in furtherance of criminal activity.”
Gugnin’s operation not only evaded sanctions but also managed to procure sensitive electronics and technology under U.S. export controls. His use of cryptocurrency to hide these illegal conduct was an attempt to avoid detection from authorities; however, the FBI has made it clear that such tactics will not prevent accountability. Assistant Director Roman Rozhavsky of the FBI’s Counterintelligence Division warned that “using cryptocurrency to hide illegal conduct will not prevent the FBI and our partners from holding you accountable.” Further investigation into Gugnin’s activities showed a pattern of deception, where he falsified documents and web searches indicating an awareness of the legality of his actions.
If convicted, the charges against Gugnin carry daunting consequences, with potential sentences ranging up to 30 years in prison for each count of bank fraud. He also faces a litany of other maximum penalties, reflective of the gravity and breadth of his alleged criminal actions. These coordinated efforts are part of the Justice and Commerce Departments’ Disruptive Technology Strike Force, aimed at preventing the acquisition of critical technology by hostile states and regimes. With the case being prosecuted by skilled attorneys from the Eastern District of New York and the National Security Division’s Counterintelligence and Export Control Section, Gugnin’s indictment serves as a stern reminder of the U.S. government’s resolve in safeguarding the country’s financial system and national security interests against illegal exploitation.
