Crypto CEO Iurii Gugnin Arrested for $500M Russian Bank Laundering Scheme

Crypto CEO Arrested in $500M Russian Laundering Scheme

A U.S.-based cryptocurrency payments firm founder, Iurii Gugnin, has been charged in Brooklyn with orchestrating a massive international money laundering operation.

Allegations and Charges

Gugnin, a Russian national residing in Manhattan, is accused of moving over $500 million for sanctioned Russian banks and entities. The Justice Department alleges he used stablecoin transactions, falsified documents, and shell accounts to conceal the origin of the funds, routing them via tether.

Sanctioned Entities Involved

Clients included sanctioned Russian institutions like Sberbank and VTB Bank.

Legal Consequences

He faces a 22-count indictment, including wire and bank fraud, sanctions violations, and money laundering. Gugnin is also accused of exporting sensitive U.S. technology to Russia and maintaining ties to Russian intelligence. He is currently held without bail and faces a lengthy prison sentence if convicted.