BitRiver Founder Igor Runets Accused of $12.5 Million Fraud

Igor Runets, the founder of BitRiver, Russia's largest cryptocurrency mining company, is facing charges of $12.5 million fraud.

The accusations stem from a failed contract with Infrastructure of Siberia, a subsidiary of Runets, where he signed an $8 million equipment supply deal in 2023 but allegedly failed to deliver the goods.

This resulted in a loss of approximately 1 billion rubles, or $12.5 million for Infrastructure of Siberia.

Runets was previously under house arrest and has now been transferred to prison for a preliminary hearing on these new charges.