BitRiver boss charged with $12.5M mining-equipment no-show 🚛⛏️

Russian authorities have charged BitRiver founder Igor Runets with large-scale fraud involving approximately 1 billion rubles ($12.5 million), expanding a criminal case against the head of one of Russia's largest crypto mining-linked companies. Local news agency Pravo reported on Wednesday that Runets was formally charged over an alleged failure to deliver crypto mining equipment under an $8 million contract.

Investigators allege that Fox, a company controlled by Runets, signed the 2023 contract to supply equipment to a firm within an industrial group founded by businessman Oleg Deripaska. According to prosecutors, the buyer paid $7.9 million upfront, but the equipment was not delivered within the agreed 32-day period. Authorities further allege 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 separate criminal case against Runets, who was placed under house arrest in early 2026 over tax-related allegations. The Zamoskvoretsky District Court in Moscow reportedly ordered him into pretrial custody on July 22 as the proceedings continue.