BitRiver Founder Igor Runets Charged with $12.5 Million Contract Fraud

Igor Runets, the founder of Russia's largest crypto mining operation BitRiver, is behind bars and facing serious fraud charges. The charges are centered around a contract signed in 2023 between Runets' company Fox and an En+ subsidiary for the supply of crypto mining equipment.

The buyer paid $7.9 million upfront, but the equipment was never delivered within the agreed 32-day window. Prosecutors allege that Runets had no intention of fulfilling the contract and used the funds for personal expenses. This is a serious accusation, as it involves approximately 1 billion rubles ($12.5 million) in alleged fraud.

This is not the first time Runets has faced legal trouble. Earlier this year, he was placed under house arrest over separate tax evasion allegations. Now, with the charges of large-scale fraud against him, the situation looks increasingly dire for BitRiver and its operations.