BitRiver Founder Held in Pretrial Detention Over $12.5 Million Fraud Allegations

BitRiver founder Igor Runets has been held in pretrial detention for two months by a Moscow court. This move replaces his previous house arrest, which was imposed due to allegations of large-scale fraud involving nearly RUB 1 billion (approximately $12.5 million USD).

The accusations against Runets stem from investigators' claims that a company controlled by him received full advance payment for cryptocurrency mining equipment ordered by En+ subsidiary. However, the company allegedly neither delivered the machines nor refunded the money.

BitRiver was previously Russia's largest cryptocurrency-mining data center operator and ranked as the country's top mining company by revenue.