Russia's Largest Crypto Mining Firm BitRiver Faces Bankruptcy and CEO Under House Arrest

Odaily News Russia's largest cryptocurrency mining company, BitRiver, is in trouble as its majority shareholder faces bankruptcy proceedings. The Sverdlovsk Region Arbitration Court initiated bankruptcy supervision for Fox Group, which holds a 98% stake in BitRiver, on January 27. The case stems from a dispute over an equipment supply contract worth approximately $9.2 million with energy infrastructure operator Infrastructure of Siberia. Additionally, BitRiver's founder and CEO, Igor Runets, has been placed under house arrest by a Moscow district court on suspicion of tax evasion. Currently, BitRiver's associated accounts have been frozen, and the company faces other legal proceedings due to unpaid electricity bills. The company has been on the U.S. OFAC sanctions list since 2022.