BitRiver founder charged in Russia over alleged $8M fraud

Russian authorities charged BitRiver founder Igor Runets with alleged fraud tied to a $8 million crypto mining equipment deal involving Russian billionaire Oleg Deripaska.

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.

Read more