BitRiver founder charged in Russia over alleged $8M fraud
Russian authorities have charged BitRiver founder Igor Runets with large-scale fraud over an alleged 1 billion ruble ($12.5 million) scheme tied to crypto mining equipment. Investigators say his company Fox signed an $8 million contract in 2023 to supply equipment to a company in Oleg Deripaska’s industrial group, received $7.9 million upfront, and failed to deliver the goods within 32 days. Prosecutors allege Runets never intended to fulfill the deal and instead used the money for personal spending. The charge expands an existing criminal case against Runets, who was already under house arrest over separate tax-related allegations and was reportedly moved into pretrial custody on July 22. BitRiver, founded in 2017, runs mining data centers and sells crypto mining equipment in Russia.
