Russian Crypto Mining Firm BitRiver Faces Bankruptcy Crisis

On February 2, Russian crypto mining company BitRiver is reportedly facing a bankruptcy crisis. According to BlockBeats, the Sverdlovsk Arbitration Court has initiated bankruptcy proceedings against Fox Group, which holds 98% of BitRiver's shares. The case was filed by En+'s subsidiary, Siberian Infrastructure, over debts and penalties totaling more than $9.2 million. This debt stems from a contract for equipment supply worth approximately 700 million rubles, which BitRiver failed to deliver after receiving an advance payment. Currently, several BitRiver mining sites located in Irkutsk Oblast and the Republic of Ingushetia have been closed or suspended, and its collaboration with Gazprom Neft has ended. By the end of 2025, about 80% of the company's executives have left, and founder and CEO Igor Runets is under house arrest for alleged tax evasion. Negotiations are ongoing regarding the disposal of BitRiver's assets and changes in ownership.