BitRiver Founder Runets Charged with $8M Crypto Mining Scam

Russian authorities have charged Igor Runets, the founder of BitRiver, in connection with an alleged $8 million fraud. The charge stems from a contract between Fox, a company controlled by Runets, and a business within the industrial group founded by Oleg Deripaska to supply crypto mining equipment. According to investigators, Fox signed the contract in 2023 for approximately $8 million to deliver the equipment within 32 days, but failed to do so after receiving the payment from the buyer.

The authorities claim that Runets did not intend to fulfill the agreement and instead used the funds for personal spending. This new charge adds to an existing criminal case against Runets, who was previously placed under house arrest in early 2026 over separate tax-related allegations.

BitRiver operates mining data centers and supplies crypto mining devices in Russia. The company has been a significant player in the Russian cryptocurrency industry since its founding in 2017. The recent charges against Runets raise concerns about the legitimacy of businesses operating in the space.