Igor Runets of BitRiver Faces Fraud Charges in Russia Linked to $8M Deal

Igor Runets of BitRiver Faces Fraud Charges in Russia Linked to $8M Deal

Igor Runets, the founder of BitRiver, has been charged by Russian prosecutors with fraud in connection with an $8 million cryptocurrency mining equipment transaction that involved Russian oligarch Oleg Deripaska.

Prosecutors in Russia have brought fraud charges against Igor Runets, the founder of BitRiver, in connection with alleged fraudulent activity involving approximately 1 billion rubles ($12.5 million), further broadening the criminal proceedings against the leader of one of the country's most prominent cryptocurrency mining-related enterprises.

According to a Wednesday report from Pravo, a local news outlet, Runets has been formally charged with fraud on a large scale in relation to the purported non-delivery of cryptocurrency mining hardware under a contract valued at $8 million.

According to the investigation, Fox, an entity under Runets' control, entered into the agreement in 2023 for the provision of mining equipment to a firm that operates within an industrial conglomerate established by prominent businessman Oleg Deripaska. Law enforcement officials claim that despite the purchasing party making an advance payment of $7.9 million, the promised equipment was never delivered within the stipulated 32-day timeframe.

According to prosecutors, Runets had no genuine intention of honoring the contractual obligations following receipt of the payment, and instead diverted the money for his own personal expenditures.

Established in 2017, BitRiver is a company that runs mining data facilities and provides cryptocurrency mining hardware throughout Russia. This latest charge compounds an ongoing criminal investigation targeting Runets, who had been confined to house arrest in early 2026 in connection with unrelated tax violation accusations. According to reports, Moscow's Zamoskvoretsky District Court ordered his placement in pretrial detention on July 22.