Michaela
Iurii Gugnin, founder of crypto startup Evita Pay, has been charged by the U.S. Department of Justice (DOJ) with multiple offenses tied to international money movement. Prosecutors allege he used his cryptocurrency platform to route more than $500 million in overseas payments through U.S. banks and exchanges while concealing their origin and purpose.
Gugnin was arrested and arraigned in New York on Monday, according to a press release from the DOJ. The Evita Pay founder now faces a 22-count indictment that includes charges of wire and bank fraud, conspiracy to defraud the United States, violating the International Emergency Economic Powers Act (IEEPA), and operating an unlicensed money transmitting business, among others.
Court filings also accuse Gugnin of failing to implement an effective anti-money laundering program, neglecting to file suspicious activity reports, and participating in related conspiracy offenses.
“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,” Assistant Attorney General for National Security, John A. Eisenberg stated.
Eisenberg emphasized that the DOJ remains committed to holding accountable individuals who threaten U.S. national security. He stated the DOJ will not hesitate to act against those who allow the nation’s “foreign adversaries” to evade sanctions and export controls.
“As alleged, Gugnin came to the United States and set up a money laundering operation under the guise of a cryptocurrency start-up, which he then used to evade sanctions and export controls and defraud U.S. financial institutions,” U.S. Attorney for the Eastern District of New York, Joseph Nocella Jr., stated.
Evita Pay allegedly operated as a front to channel hundreds of millions of dollars for sanctioned Russian organizations and to procure export-controlled technology for Russia’s government.
Gugnin used Evita Pay and its affiliated company, Evita Investments Inc., to assist foreign clients—many connected to sanctioned Russian banks—in sending him cryptocurrency. He then laundered these funds through crypto wallets and U.S. bank accounts, converting them into U.S. dollars or other fiat currencies.
Payments were made via Manhattan bank accounts, obscuring the sources and true parties involved. Between June 2023 and January 2025, Gugnin moved approximately $530 million through the U.S. financial system, mostly in the stablecoin Tether (USDT).
Gugnin also allegedly deceived multiple banks and cryptocurrency exchanges involved in converting funds and processing wire transfers. The Evita Pay founder is accused of repeatedly misrepresenting the company’s activities, falsely asserting that it had no dealings with Russian entities or sanctioned parties.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
