BitRiver Founder Charged with $8 Million Crypto Mining Scam in Russia

BitRiver's founder Igor Runets has been charged in Russia over an alleged $8 million fraud case. The charges stem from a failed contract to supply crypto mining equipment worth $8 million to a company within Oleg Deripaska's industrial group.

The deal, signed in 2023, required the delivery of the equipment within 32 days. However, according to investigators, Runets' company Fox did not deliver the goods despite receiving the full payment of $7.9 million upfront.

Prosecutors allege that Runets had no intention of fulfilling the contract and instead used the funds for personal spending. This new charge adds to a broader criminal case against Runets, who was placed under house arrest in early 2026 over separate tax-related allegations.