Russia’s almighty BitRiver, once hailed as the “Bitcoin Moses” of Russia, now faces a court-ordered bankruptcy over $9M in unpaid debts, frozen accounts, and a total operational meltdown.
Russia’s self-proclaimed “Bitcoin Moses” (BitRiver) is now the star of a tragicomedy titled “Mining the Moon” after a court declared insolvency over unpaid debts. Spoiler: The moon is not a safe investment.
The drama has stunned the digital asset world, as BitRiver-once a mining titan-now scrambles with regional power providers like a broke student begging for an extension. Classic.
This financial fiasco followed months of “operational disruptions” (read: everything falling apart) and creditors sighing like exasperated parents.
Court Action and Debt Claims
A Russian arbitration court kicked off insolvency proceedings after creditors filed claims exceeding $9 million-proof that even in crypto, you can’t outrun your tab at the bar.
🚨BREAKING: RUSSIA’S BITCOIN MOSES GOES BANKRUPT – SELL-OFF?!
BitRiver, Russia’s mining “Moses,” is bankrupt, per Kommersant. Because leading your people out of Egypt is harder than paying your bills.
The insolvency? Triggered by $9M in unpaid debts. Classic.
Accounts frozen… because nothing says “trust” like a court order.
– BSCN (@BSCNews)
According to Kommersant, the debts include unpaid service fees, power bills, and data center costs. Because who needs electricity when you’ve got Bitcoin, right?
Creditors claimed BitRiver’s payment delays were so legendary, even Scrooge McDuck would’ve thrown in the towel. The court agreed and handed them a bankruptcy script.
As part of the ruling, the court froze BitRiver’s bank accounts. Because nothing says “fun” like watching your cash vanish like magic.
A temporary administrator was appointed to assess the company’s finances. Good luck, pal. You’re in for a rollercoaster.
Operational Strain and Facility Disruptions
BitRiver’s mining ops took a hit from power debt so massive it made a Russian winter feel warm. Energy suppliers cut power like a bad date, crippling mining output.
Some data centers shut down entirely. Others limped along like a drunkard in a marathon. Either way, it’s a mess.
Kommersant’s sources say these shutdowns hurt both clients and in-house mining. Because nothing unites people like shared despair.
Asset freezes now block BitRiver from paying contractors. Because why not add insult to injury?
Ownership Talks and Management Changes
Negotiations are happening about selling the company. Court filings focus on debt repayment and keeping facilities alive. But let’s be real-this is a death spiral.
No deal yet. Meanwhile, senior managers fled like crypto out of a bear market. Priorities.
Departures happened amid financial chaos and legal reviews. Because who wants to clean up this mess?
BitRiver’s founder, Igor Runets, is under house arrest for tax evasion. Because nothing says “success” like dodging taxes in a country that loves to arrest entrepreneurs.
BitRiver, Russia’s mining “Moses,” faces bankruptcy after court action over unpaid debts. Asset freezes, power debt, data center shutdowns, and management exits follow. Its founder Igor… well, he’s probably learning the value of honesty.
– Wu Blockchain (@WuBlockchain)
Authorities have said nothing else. Because sometimes, silence is the best policy-or at least the safest one.
Related Reading: Russia Bans Ukrainian Crypto Exchange WhiteBit Over Funding Allegations
Bitcoin Holdings and Legal Oversight
BitRiver once ran one of Russia’s biggest mining setups, thriving on low energy costs and cold weather. Now? It’s a cautionary tale for aspiring crypto moguls.
There’s no confirmation BitRiver will sell its Bitcoin stash. Court docs focus on debt recovery and creditor claims. Because Bitcoin’s value is less important than who gets the last crumb.
Any Bitcoin sale would need court approval. The process is now a legal circus under strict oversight. Because nothing says “trust” like a courtroom full of lawyers.
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2026-02-03 01:45