Federal prosecutors in Brooklyn have charged the founder of a cryptocurrency payments firm with a 22-count indictment, including charges of money laundering and bank fraud. Authorities said the founder was connected to over $500 million linked to sanctioned Russian banks and entities.
Iurii Gugnin is accused of turning his cryptocurrency company into a covert pipeline, processing approximately $530 million while concealing the origins and purposes of the funds.
Clients included individuals and businesses associated with sanctioned Russian institutions such as Sberbank, VTB Bank, and Rosatom, according to the indictment reported by prosecutors.
If convicted on all counts, Gugnin could face a statutory maximum sentence significantly longer than his lifetime.
