BitRiver Founder Charged in Russia Over Alleged $8M Crypto Mining Scam
BitRiver founder Igor Runets has been charged in Russia over alleged $8 million fraud. The charges, which include large-scale fraud, stem from an alleged failure to deliver crypto mining equipment under a contract worth approximately $8 million. According to investigators, Fox, a company controlled by Runets, signed the contract with a business linked to Oleg Deripaska's industrial group in 2023.
The buyer paid $7.9 million upfront, but the equipment was not delivered within the agreed 32-day period. Prosecutors claim that Runets did not intend to fulfill the agreement after receiving payment and instead used the funds for personal spending.
Runets' company BitRiver operates mining data centers and supplies crypto mining devices in Russia. The new charge adds to a broader criminal case against him, who was placed under house arrest earlier this year over separate tax-related allegations.