Cryptocurrency Founder Charged with Money Laundering
Brooklyn federal prosecutors have brought charges against the founder of a US-based cryptocurrency payments company, alleging involvement in a complex international money laundering operation that funneled over $5 billion for licensed Russian banks and other entities.
Iurii Ggnin, a 38-year-old Russian national residing in Manhattan, was arrested and taken into custody without bail on Monday. He faces a total of 22 charges, including wire fraud, bank fraud, violations of US sanctions, and money laundering, among others. Prosecutors accuse him of transforming cryptocurrency companies into a covert channel for illicit funds, reportedly moving over $500 million through the US financial system to assist licensed Russian banks and enabling Russian clients to obtain sensitive US technology.
According to the prosecution, Ggnin’s company, Evita Investments and Evita Pay, facilitated payments amounting to approximately $530 million while concealing the origins and intended use of these funds. They allege that from June 2023 to January 2025, he funneled money through US banks and cryptocurrency exchanges, using Tether, a stablecoin primarily pegged to the dollar.
The clients involved included individuals and firms linked to authorized Russian institutions like Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state-owned entity Rosatom.
To execute his scheme, Ggnin is believed to have misrepresented his business’s true nature, created fraudulent compliance documents, and deceived banks and digital asset platforms about his ties to Russia. Prosecutors claim he concealed funding sources by employing a shell account and erased the identities of Russian counterparties digitally.
Investigators also noted internet searches suggesting Ggnin was aware he was under investigation, including queries about how to detect such scrutiny and the penalties for money laundering.
The Justice Department further stated that Ggnin maintained connections with Russian intelligence officials and Iranian representatives, allegedly aiding in the export of sensitive American technology to Russian clients, including servers related to counter-terrorism.
Last fall, he was featured in an article detailing his high-end rent situation in Manhattan, where he was reportedly paying $19,000 monthly for his apartment.
If convicted of bank fraud, he could face a maximum prison sentence of up to 30 years. However, conviction on all charges could result in an even longer cumulative sentence.
