Russian Bitcoin Mining Company Goes Bankrupt After Founder Involved in Tax Evasion

The Russian crypto industry was rocked by bad news after the parent company of BitRiver, the country's largest Bitcoin mining operator, was officially placed under bankruptcy supervision by a local court. The situation became even more critical after the company's founder and CEO, Igor Runets, was arrested and placed under house arrest by the Moscow District Court in late January. Runets was charged with criminal charges related to alleged tax evasion, which tarnished the company's image amid the financial crisis.

The bankruptcy was triggered by a dispute over a US$9.2 million (approximately Rp145 billion) debt with a subsidiary of energy giant En+, related to a failed equipment contract. This issue led to the freezing of the company's accounts, crippling operations. In addition to the principal debt, BitRiver also owed US$12.2 million in unpaid electricity bills to various energy providers, leading to the power cutoff to its mining facilities.

The company's internal affairs have reportedly been in disarray since early 2025. Local media reports indicate that 80% of top management has left, employees are behind on salaries, and branch offices have closed. A curator is currently negotiating to transfer the remaining assets, marking a tragic end for a company that once controlled over 50% of the Bitcoin mining market in Russia.

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Видео Russian Bitcoin Mining Company Goes Bankrupt After Founder Involved in Tax Evasion канала Alpa Omega News