BitRiver founder charged in Russia over alleged $8M fraud

Russian authorities have charged BitRiver founder Igor Runets with alleged fraud involving about 1 billion rubles ($12.5 million), expanding the criminal case against the executive of one of Russia’s largest crypto mining-linked companies.Runets was officially charged with large-scale fraud over an alleged failure to deliver crypto mining equipment under an $8 million contract, local news agency Pravo reported on Wednesday.Investigators allege that Fox, a company controlled by Runets, signed the contract in 2023 to supply the equipment to a company within an industrial group founded by businessman Oleg Deripaska. Authorities say that while the buyer paid $7.9 million upfront, the equipment was not delivered within the agreed 32-day period.Prosecutors alleged that Runets did not intend to fulfill the agreement after receiving the payment and instead used the funds for personal spending.Founded in 2017, BitRiver operates mining data centers and supplies crypto mining devices in Russia. The new charge adds to a broader criminal case against Runets, who was placed under house arrest in early 2026 over separate tax-related allegations. The Zamoskvoretsky District Court in Moscow reporte...