BitRiver Founder Charged with $12.5 Million Crypto Mining Fraud

Russian authorities have charged BitRiver founder Igor Runets with alleged fraud involving about 1 billion rubles ($12.5 million). This charge expands a criminal case against the executive of one of Russia's largest crypto mining-linked companies.

The alleged crime occurred in 2023 when Fox, a company controlled by Runets, signed a contract to supply crypto mining equipment worth $8 million to an industrial group founded by businessman Oleg Deripaska. According to authorities, the buyer paid $7.9 million upfront but did not receive the equipment within the agreed 32-day period.

Prosecutors claim that Runets intended to use the funds for personal spending instead of fulfilling the agreement. This charge adds to an existing case against Runets, who was placed under house arrest in early 2026 over separate tax-related allegations and recently moved to pretrial custody on July 22.