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Javier Márquez
WriterI've been in media for over a decade, but I've been marveling at the possibilities that technology brings us much longer. I believe we live in a world where the digital revolution is changing everything and that Xataka is the best place to write about it.
Alba Mora
WriterAn established tech journalist, I entered the world of consumer tech by chance in 2018. In my writing and translating career, I've also covered a diverse range of topics, including entertainment, travel, science, and the economy.
The case of Sam Bankman-Fried has left a significant mark on the cryptocurrency sector. His rapid rise as the head of FTX and his subsequent fall represented a turning point in public perception of these platforms. However, he’s not the only one in the spotlight.
Another cryptocurrency figure, Iurii Gugnin, founder of Evita Investments and Evita Pay, has been accused of orchestrating a massive money laundering scheme. Authorities allege that he facilitated nearly $2 billion in transactions, with more than $500 million passing through the U.S. financial system. It’s believed that he turned his companies into a covert financing network for sanctioned Russian banks and sensitive technology exports.
In the spotlight. According to the indictment, Gugnin established two companies in the U.S.: Evita Investments, based in Delaware, and Evita Pay, based in Florida. Through these companies, he purportedly moved around $530 million through banks and cryptocurrency exchanges in the country, while concealing the origin and actual purpose of the funds.
Evita Investments served as the primary conduit, with around $365 million of the $530 million transacted in the U.S. using tether.
The Department of Justice has charged Gugnin with a total of 22 crimes, which include:
- Bank fraud (up to 30 years)
- Conspiracy to defraud the U.S. (up to 5 years)
- Money laundering (up to 20 years)
- Violation of the International Emergency Economic Powers Act (up to 20 years)
- Operating an unlicensed money transmitting business (up to 5 years)
- Failing to implement an effective anti-money laundering program (up to 10 years)
- Failing to file suspicious activity reports (up to 10 years)
Gugnin was arrested in New York. If convicted, he could face several decades in prison, depending on the charges.
Payments on behalf of clients from Russia, China, and the United Arab Emirates. The indictment reveals that many of his clients had accounts at sanctioned Russian banks, including Sberbank, VTB, Tinkoff, Sovcombank, and Alfa-Bank. Additionally, there were clients from China and the UAE. Gugnin received cryptocurrencies, primarily in the stablecoin tether and converted them into dollars or other fiat currencies. He then made payments on behalf of his clients.
According to the Financial Times, some of these payments were used to purchase export-controlled technology, such as servers designed by U.S. companies and parts for a French yacht company. He also bought components destined for Rosatom, the Russian state-owned nuclear energy corporation. Additionally, he directed payments to Yiwu Vortex, a company sanctioned for exporting maritime equipment to Russia.
A facade of legality. The Department of Justice said that Gugnin registered Evita Pay as a money transmitter with the state of Florida and the FinCEN network. However, he did this by falsifying information about the true nature of his business. This fraudulently obtained license enabled him to persuade cryptocurrency exchange platforms to process transactions.
Additionally, he reportedly misled banks and exchanges by claiming that he didn’t engage with sanctioned entities or Russian clients. The indictment asserts that he failed to implement an effective anti-money laundering program, didn’t activate internal controls, and neglected to report suspicious activities.
Google search. Gugnin lived in New York and publicly portrayed himself as a “serial entrepreneur.” According to court documents, he was fully aware of the illegality of his actions.
Authorities accessed his browsing history and discovered searches related to how to find out if he was under investigation. He also reportedly searched about the penalties for money laundering, relevant sanctions, and how to respond if he were under police investigation.
Images | DrawKit Illustrations | Department of Justice
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