Russian Mining Firm BitRiver Faces Bankruptcy, Founder Detained for Alleged Tax Evasion

BlockBeats News, February 2nd. According to the Russian newspaper RBC, the Russian crypto mining company BitRiver is facing a bankruptcy crisis. The arbitration court of the Irkutsk region has initiated a bankruptcy observation procedure against Fox Group, which holds 98% of BitRiver's shares. The case was brought by "Siberian Infrastructure," a company under En+, involving total debts and penalties of over $9.2 million (about 700 million rubles). This debt stemmed from a 700 million ruble equipment supply contract, where BitRiver failed to deliver the equipment after receiving a prepayment.

Currently, several mining facilities of BitRiver located in the Irkutsk region, the Republic of Buryatia, and other areas have been closed or suspended, and its cooperation with Gazprom Neft has been terminated. By the end of 2025, around 80% of the company's executives have resigned. The founder and CEO Igor Runets has been placed under house arrest for alleged tax evasion. Stakeholders are currently negotiating the disposal of BitRiver's assets and changes in ownership.