BitRiver Founder Igor Runets Accused of $12.5 Million Fraud

cryptonews.ruPublished on 2026-07-30Last updated on 2026-07-30

Abstract

Igor Runets, founder of Russia's largest cryptocurrency mining company BitRiver, has been accused of fraud amounting to $12.5 million. Previously under house arrest, Runets has now been transferred to pre-trial detention. The allegations center on claims that he failed to deliver cryptocurrency mining equipment to "Infrastructure Siberia," a subsidiary company, after securing an $8 million contract in 2023. This reportedly caused losses of approximately 1 billion rubles ($12.5 million). He had previously faced tax evasion charges and was detained in February. A pioneer in Russian crypto mining, Runets founded BitRiver in 2017. However, the company has faced significant challenges, including a six-year ban on crypto mining in 10 Russian regions, which adversely affected its Siberian data centers. These restrictions led to financial difficulties, culminating in bankruptcy proceedings for the Fox group, BitRiver's main shareholder, in February. Once operating 15 data centers with over 175,000 servers in Siberia, BitRiver's future is now uncertain due to these escalating legal and economic pressures surrounding its founder.

Igor Runets, the founder of BitRiver, Russia's largest cryptocurrency mining company, is accused of a $12.5 million fraud. Runets, previously under house arrest, has now been transferred to jail for a preliminary hearing. The charges relate to allegations that he failed to deliver cryptocurrency mining equipment to the company "Infrastructure Sibiri," a subsidiary of Runets.

Details of the Charges

Russian investigators claim that in 2023, Runets signed an $8 million contract with "Infrastructure Sibiri" for the supply of equipment but did not fulfill its terms. It is alleged that this resulted in losses of 1 billion rubles (approximately $12.5 million). Runets had previously been charged with tax evasion and was detained on these charges in February.

BitRiver and Economic Troubles

Igor Runets was a pioneer of cryptocurrency mining in Russia, founding BitRiver in 2017. However, Russia's six-year ban on cryptocurrency mining in 10 regions has negatively impacted the operation of BitRiver's data centers in Siberia. These restrictions have led to financial difficulties for the company. In February, bankruptcy proceedings were initiated against the Fox group of companies, the main shareholder of BitRiver.

BitRiver once operated 15 data centers and had over 175,000 servers in Siberia. However, the current legal and economic troubles are making it difficult for the company to continue its operations. The charges against Runets could have serious implications for the company's future.

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marsbit40m ago

Platform Token Surges 15-Fold in Half a Month, Pons Tops Both Token Issuance and Trading on Robinhood Chain

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marsbit45m ago

Apple's Q3 Results Largely Meet Expectations, Supply and Memory Pressure Drive After-Hours Drop of 6%

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Platform Token Soars 15x in Half a Month, Pons Tops Robinhood Chain Charts for Both Token Launches and Trading

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marsbit56m ago

Qualcomm Chip Price Hike Deals a Blow to Android Phones

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marsbit1h ago

Breaking: GPT-5.6 Prices Slashed Effective Today