BitRiver founder charged in Russia over alleged $8M fraudRussian authorities charged BitRiver founder Igor Runets with alleged fraud tied to a $8 million crypto mining equipment deal involving Russian billionaire Oleg Deripaska.
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Russian authorities have charged Igor Runets, the founder of BitRiver, with alleged large-scale fraud involving about 1 billion rubles ($12.5 million). The charges relate specifically to an $8 million contract for crypto mining equipment that Runets’ company, Fox, did not deliver. According to investigators, Fox agreed in 2023 to supply mining equipment to a company affiliated with Russian billionaire Oleg Deripaska’s industrial group but failed to deliver the equipment within the agreed 32-day period despite receiving $7.9 million upfront.
Prosecutors claim that Runets had no intention of fulfilling the contract after receiving payment, instead using the funds for personal expenses. BitRiver, founded in 2017, operates mining data centers and supplies crypto mining devices in Russia, making the case significant due to the company’s prominent role in the industry.
This fraud charge is an extension of a broader criminal case against Runets, who was previously placed under house arrest in early 2026 over unrelated tax-related allegations. On July 22, 2026, the Zamoskvoretsky District Court in Moscow reportedly placed him in pretrial custody, intensifying the legal pressure on the BitRiver founder. This development underscores ongoing legal scrutiny of key figures in the Russian crypto sector.