BitRiver founder Igor Runets under investigation: 1 billion rubles in damages and tax schemes
The largest player in the Russian mining market, BitRiver, has found itself at the center of a high-profile criminal scandal. Its founder, Igor Runets, has been charged with fraud on an especially large scale. According to investigators, the damages in the new episode amount to 1 billion rubles.
Essence of the Charges: An $8 Million Contract and Unfulfilled Obligations
The case is based on a contract signed in 2023. A company controlled by Runets, Fox, agreed to supply cryptocurrency mining equipment to Infrastructure of Siberia, a structure within the En+ group founded by Oleg Deripaska. The deal was worth $8 million. The buyer immediately transferred an advance payment of $7.9 million, and delivery was supposed to occur within 32 days.
However, as the investigation found, the equipment was never shipped. Law enforcement believes that Runets initially had no intention of fulfilling the contractual obligations, and the funds received were spent at his own discretion. This marks a new turn in the criminal prosecution of the businessman, who has previously been involved in other cases.
Evolution of the Investigation: From Taxes to Fraud
The first case against Runets was opened back in late January. At that time, he was placed under house arrest on charges of concealing funds to evade taxes. Since then, the investigation has rapidly gained momentum. Two more tax cases were opened against the businessman, which were later consolidated into a single proceeding along with several arbitration disputes.
The investigation paid particular attention to the tax scheme. According to their version, BitRiver clients transferred large sums to group entities under the guise of paying for computing services and data center operations. In reality, ASIC devices were used exclusively for mining. This allowed counterparties to account for payments as expenses and significantly reduce taxable profits. All episodes were combined, and the fraud charge of 1 billion rubles became the largest in terms of damages.
Market Opinion: Corporate Conflict and Industry Risks
Experts link BitRiver's problems not so much to the legalization of mining as to tax risks. As noted by BitOK founder Dmitry Machikhin and lawyer Ignat Likhunov, the company often did not describe its services as mining in tax responses, but rather as abstract computations. It was the scale of this scheme, not mining itself, that attracted the attention of regulators.
Some experts also point to a corporate conflict. Last year, the company had a dispute with Oleg Deripaska, after which legal proceedings began. Vice President of RACIB Maxim Zelenevsky noted that the situation creates a risk for the entire industry, reducing investor confidence in the whole market. Industry associations have already stepped up prevention efforts. RACIB Executive Director Alexander Brazhnikov reported that back in 2021, BitRiver was considered the country's largest miner, but by 2025 it had fallen to the bottom of the top ten amid lawsuits worth hundreds of millions of rubles. In response, the "Traffic Light" project was launched to warn market participants in advance about legal and financial risks.
Analyst's Comment: The BitRiver case is a vivid example of how a lack of clear regulation and attempts to optimize tax burdens can lead to catastrophic consequences for a business. This case will serve as a serious warning for all participants in the Russian crypto market: playing with taxes and dishonest contracts can cost not only reputation but also freedom. The market is entering a phase of strict compliance.