Russia Charges BitRiver Founder Igor Runets with $12.5M Crypto Fraud Allegations

The Zamoskvoretsky District Court in Moscow has initiated proceedings against Igor Runets, founder of the Russian crypto mining company BitRiver, over alleged fraud related to an $8 million mining equipment deal with Russian billionaire Oleg Deripaska. Runets signed a contract in 2023 to supply equipment to a company within Deripaska's industrial group, but the equipment was not delivered within the agreed 32-day period after the buyer paid $7.9 million upfront. Russian authorities allege that Runets failed to fulfill the agreement after receiving the payment and instead used the funds for personal spending. BitRiver, founded in 2017, operates mining data centers and supplies crypto mining devices in Russia. Runets was previously placed under house arrest in early 2026 over separate tax-related allegations. This new charge adds to a broader criminal case against him, reflecting growing scrutiny of major figures in Russia's crypto sector. These developments could raise concerns about the future of crypto mining activities in Russia.

The rise in such cases against Russian crypto figures is raising skepticism and unease among investors and companies. Runets' case may signal a more stringent approach by the Russian government toward crypto activities.