Russia’s Largest Crypto Miner BitRiver Faces Bankruptcy as CEO Under House Arrest: Report

BitRiver, Russia’s largest crypto mining firm, is facing imaginable bankruptcy aft a determination arbitration tribunal opened insolvency supervision proceedings against its controlling shareholder.

Igor Runets, BitRiver’s laminitis and main executive, was reportedly placed nether location apprehension connected taxation evasion charges aft a Moscow territory tribunal issued a ruling past week.

Proceedings that would measure BitRiver were initiated by the Arbitration Court of Sverdlovsk Oblast, which connected January 27 opened bankruptcy reflection against Group of Companies Fox, which owns 98% of BitRiver’s authorized capital.

The determination follows a assertion filed by Infrastructure of Siberia, an En+ Group subsidiary, according to tribunal filings cited successful reporting from Kommersant, a Russian insubstantial of grounds for firm and ineligible affairs.

The subsidiary reportedly paid BitRiver much than $9.2 cardinal (700 cardinal rubles) successful beforehand nether an instrumentality proviso declaration that was aboriginal terminated aft the instrumentality was not delivered. Enforcement proceedings failed to retrieve the assets nether claim, per the report.

Court documents cited were not instantly disposable for nationalist review. Decrypt has reached retired to BitRiver and applicable Russian authorities for confirmation and comment.

Leaked Documents Expose $8 Billion Crypto Web Behind Russia Sanctions Evasion

As portion of the dispute, accounts linked to BitRiver companies were reportedly frozen, a determination that could paralyze an already deteriorating concern marred by sanctions.

In abstracted proceedings recovered by Decrypt done the company’s authorities registration number, a institution named Rosseti Siberia is seeking to retrieve astir $60,000 (5.4 cardinal rubles) successful unpaid energy bills from Management Company BitRiver nether a June 2024 work agreement.

By precocious 2025, different BitRiver entities had deteriorated to the constituent wherever it failed to nutrient required documents for lawsuits properly.

In 1 instance, a January 23 Irkutsk tribunal ruling returned an instrumentality betterment lawsuit aft the plaintiffs failed doubly to conscionable basal requirements similar providing instrumentality valuations and impervious of ownership, contempt deadline extensions.

Court notices to BitRiver addresses were returned unclaimed aft 7 days, though the institution had submitted immoderate documents backmost successful December.

These dysfunctions are accordant with section reporting of wide enforcement departures and bureau closures from the company. Its societal media accounts person remained inactive since aboriginal 2022.

BitRiver has been nether U.S. sanctions since 2022, Decrypt antecedently reported.