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BitRiver Founder Detained Over $12M Crypto Mining Equipment Fraud Allegations

Guavy AI Editorial Team
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Russian authorities have detained Igor Runets, founder of BitRiver, Russia's largest crypto mining company, over allegations of RUB 1 billion ($12 million) in fraud.

The case centers around advance payments for cryptocurrency mining equipment that prosecutors claim were never delivered to customers and not refunded after the transactions failed to materialize.

A Moscow court ordered Runets' pretrial detention for two months, allowing investigators additional time to analyze financial transactions, review business documentation, and interview witnesses.

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