U.S. Prosecutors Indict Russian Cryptocurrency CEO: "Embezzled $500 Million via Tether"
Summary
- U.S. authorities reported that the CEO of a Russian cryptocurrency company has been indicted on charges of embezzlement.
- CEO Gugin is reported to have moved over $500 million using Tether (USDT) as the principal transaction method.
- U.S. prosecutors stated that the funds were allegedly used to support sanctioned Russian banks and acquire sensitive U.S. technology.
U.S. authorities have indicted the CEO of a Russian cryptocurrency company on charges of embezzlement.
According to CNBC on the 9th (local time), U.S. federal prosecutors have arrested and charged the Russian national, Yuri Gugin. Gugin, the CEO of a cryptocurrency payment company, faces 22 charges including bank fraud, violation of export controls, and money laundering.
It is reported that from 2023 to this year, Gugin embezzled funds using U.S. banks and cryptocurrency exchanges. The main transaction medium he utilized was the stablecoin Tether (USDT).
U.S. prosecutors stated, "(Gugin) created a covert pipeline for dirty money through his cryptocurrency company, moving over $500 million through the U.S. financial system," and "He is accused of using this to support sanctioned Russian banks and helping Russia acquire sensitive U.S. technology."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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