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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as Women In Crypto 2024 by BeInCrypto for her leadership in crypto journalism.

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Last updated: 

June 9, 2025

New York federal prosecutors have arrested and arraigned the Russian CEO of Miami-based crypto platform Evita for orchestrating a $530 million fraud scheme.

The Russian national used his crypto company, Evita, to funnel $530 million of overseas payments via US banks and crypto platforms, the DOJ release noted. Further, the accused moved the money to aid sanctioned Russian banks.

Iurii Gugnin faces a 22-count indictment of wire fraud, violation of US sanctions and export controls, and money laundering.

“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 Eisenberg said in the statement.

Russian Sanctioned Sberbank, VTB Bank, Sovcombank, Tinkoff Were Evita’s Clients

Gugnin allegedly hid the source and purpose of transactions, prosecutors noted. Under the guise of crypto startup Evita, he served as a financial intermediary to sanctioned Russian entities through illicit transactions, FBI New York Assistant Director in Charge Raia, noted.

“Gugnin’s alleged scheme manipulated our nation’s financial infrastructure to benefit our nation’s adversaries.”

Furthermore, his clients included sanctioned Russian financial institutions, such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state-owned energy company Rosatom.

Between June 2023 and January 2025, Gugnin used Evita to process over 80 invoices, digitally erasing the identities of Russian recipients. The accused purportedly routed funds using USDT and USDC stablecoins.

A WSJ article published last September, profiled Gugnin as one of the high-net-worth renters in Manhattan, paying $19,000 per month for an apartment.

Gugnin Knew He Was Breaking the Law

Per the DOJ, the accused was aware that he was breaking the law through various web searches, including queries like “how to know if there is an investigation against you” and “money laundering penalties US.”

He also reportedly visited pages like “am I being investigated?” and “what are the best ways to find out if you’re being investigated.”

Gugnin was arrested on Monday and if convicted, he would face a jail term of up to 30 years on the bank fraud counts; 20 years for the wire fraud, money laundering; 10 years for failure to implement an effective AML program and 5 years for conspiracy to defraud the US financial system.

The arrests followed a year-and-a-half-long investigation led by the Australian Federal Police, working with state and tax authorities, according to a June 9 statement by the Australian Taxation Office.

On June 5 and 6, officers searched 14 properties in Brisbane and the Gold Coast. The raids uncovered cryptocurrency worth about $110,000, around $30,000 in cash, various encrypted devices, company records, vehicles, properties, and several bank accounts.

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The operation used a Gold Coast-based security company that offered armored cash transport. Authorities believe the business helped move criminal money, including proceeds from drug sales, through fake companies, luxury car sales, and cryptocurrency platforms.

A senior officer stated that the group deliberately tried to cover up the true source and value of the funds, while also distancing themselves from the transactions to avoid being linked to any criminal activity.

One of the suspects, a 32-year-old man from Brisbane’s Heathwood suburb, is accused of laundering over $6 million in just over a year. Police said he used a business registered under his wife’s name to receive payments from the security company. He has been denied bail and is scheduled to appear in court.

Another man, aged 58 and living in the West End, is linked to a vintage car business suspected of helping to launder about $4.1 million. He faces multiple charges related to money laundering.

Two other suspects from Maudsland, the director and general manager of the security company, have also been charged. They are accused of helping to process more than $6.4 million and have been released on bail while the case continues.

Meanwhile, a 24-year-old man, Badiss Mohamed Amide Bajjou, was arrested in Morocco on June 4. What happened? Read the full story.

The U.S. Department of Justice (DOJ) is charging a dozen new defendants under the RICO Act for allegedly taking part in a multimillion-dollar crypto theft.

In a new press release, the DOJ says that it is charging an additional 12 defendants for allegedly participating in a crypto racketeering conspiracy that netted $263 million, bringing the total number of those accused to 14.

While the majority of them have been arrested, two of them remain at large and are suspected to be in Dubai. They are all charged with RICO conspiracy, conspiracy to commit wire fraud, money laundering, and obstruction of justice.

Last September, two California men – Malone Lam and Jeandiel Serrano – were arrested and charged in connection with the plot. Authorities say the men stole 4,100 Bitcoin (BTC) worth about $230 million at the time from an unnamed Washington, D.C., victim and then attempted to obfuscate and launder the funds using advanced techniques.

According to the press release, the duo was not alone and had a team behind them composed of hackers, organizers, money launderers, callers, and residential burglars that targeted hard wallets, who met through online gaming platforms and were in operation since October 2023.

The indictment reveals that the defendants used the stolen funds to purchase expensive luxury items, such as homes, cars, handbags, watches, jewelry, nights out at nightclubs ranging up to $500,000 per evening, as well as private security guards and private jets for members of the enterprise.

If found guilty, the defendants would be handed a sentence determined by the court based on sentencing guidelines.

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Wells Fargo is on the hook for hundreds of millions of dollars after a jury in Florida found the bank charged unauthorized fees and mishandled a trust fund established for minors.

The law firm representing the Seminole Minors Per Capita Payment Trust, a trust fund set up by the Seminole Tribe of Florida to safeguard the financial futures of around 2,000 children, says Wells Fargo is set to pay $825 million in damages and over $7 million compensation for the unauthorized fees charged.

The lawsuit accused Wells Fargo and eight of its executives of breaching fiduciary duty to the tribe and its children. The eight Wells Fargo executives were ordered to individually pay token damages of between $50 to $500.

According to the plaintiffs’ lawyer, Wells Fargo relationship manager Kim Scott confessed to the bank’s wrongdoing during cross-examination

“…Scott admitted Wells Fargo knowingly mismanaged funds, maintained inadequate records, and collected millions in unauthorized fees. Scott also revealed he had never fully reviewed the Trust’s governing documents, despite managing one of the bank’s largest accounts.”

Wells Fargo was fired as the trust fund’s trustee in 2016 after officials of the Seminole Tribe conducted a review of the rate of returns. Wells Fargo’s investment strategy reportedly resulted in returns that barely kept pace with inflation. The leaders of the Seminole Tribe also questioned illegal fees amounting to $7.6 million that Wells Fargo had charged the trust.

Following the jury verdict, Wells Fargo says it will appeal. A spokesperson for Wells Fargo’s Wealth and Investment Management department, Meghan McDonald, says.

“We followed the [Seminole] Tribal Government’s clear and repeated instructions about the management of the trust, abided by our fiduciary duty, and delivered financial results consistent with the Trust’s mandate for the children of the Tribe during our time as Trustee. Our goal for the appeal is to address multiple courtroom rulings that we believe prevented us from sharing the full story with the jury.”

The Seminole Minors Per Capita Payment Trust was set up two decades ago with the sole trustee being Wachovia Bank, which Wells Fargo acquired in 2008. The trust derived its resources primarily from the Tribe’s gaming enterprises. Currently, estimates place the trust’s assets at nearly $3 billion.

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The UK Crown Persecution Service (CPS) has filed charges against a law enforcement agent for allegedly stealing 50 Bitcoin (BTC) in 2017. This development comes amidst continuous efforts by the UK Government to deliver a crypto legislative framework.

National Crime Agency Officer Faces Jail Time Over £60,000 Bitcoin Theft

In a recent news post, Head of the CPS Special Crimes Division Malcolm McHaffie announced an indictment against National Crime Agency (NCA) officer Paul Chowles for the alleged theft of crypto assets worth £60,000 ($75,000). 

Chowles, a 42-year-old man from Bristol, is accused by Merseyside Police of misappropriating 50 Bitcoin during an active probe into online organized crime in 2017. Following the sporadic growth of the BTC market in recent years, the reported loot of 50 BTC is now valued at £3.2 million ($4.2 million).

According to a statement by McHaffie, the defendant now faces 15 counts of crime relating to this offence and is expected to appear at the Liverpool Magistrates’ Court on 25 April 2025.

The CPS Division Chief said:

Mr.Chowles, 42, is due to be charged with 11 offences of concealing, disguising, or converting criminal property, three offences of acquiring, using or possessing converting criminal property and a single count of theft. The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that he has the right to a fair trial. It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.

According to UK regulations, each count of money laundering i.e. concealing, disguising, or converting criminal property could result in a maximum penalty of 14 years in prison. Similarly, a single charge of acquiring, using, or possessing criminal property also carries a potential 14-year sentence. However, a conviction for theft carries a maximum sentence of seven years.

Therefore, If found guilty of the charges presented, Chowles could be looking at over 200 years in prison theoretically. Albeit, that is not unlikely as typical judicial rulings usually favor concurrent sentencing.

UK To Begin Consultation On Stablecoins

In other news, the UK Financial Conduct Authority (FCA) is expected to release consultation papers on stablecoin regulations before Q1 2025 in line with its crypto policy roadmap released in 2024. This initiative is to gain valuable insights on stablecoin concepts such as redemption and asset backing as the HM Treasury moves to introduce new regulated activities for fixed digital assets.

Amidst this exercise, the FCA will also release discussion papers on key concepts including lending, trading platforms, and staking as the UK continues to formulate its crypto regulatory framework which is planned for implementation in 2026.

At the time of writing, Bitcoin was trading at $84,391 following a 4.30% gain in the past day. 

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