This is perhaps the most ironic dark comedy in the cryptocurrency world this year. Russia just legalized cryptocurrency mining, yet Igor Runets, the country's top miner, has been petitioned for personal bankruptcy by banks, involving approximately $9.27 million. As the founder of BitRiver, Russia's largest mining company, he manages hundreds of thousands of mining rigs in Siberia. How could he not afford this? The story begins in the 2021 bull market. BitRiver signed massive credit lines for aggressive expansion, and Igor signed a fatal personal unlimited liability guarantee. In 2022, overseas sanctions and regulatory pressures hit, plunging the company into a cash flow crisis. After finally surviving the legalization of mining in Russia, everyone thought he was on his way back. However, the banks started issuing collection notices, targeting him personally. If the court declares him bankrupt, his BitRiver shares may be liquidated, and the empire could change hands. This provides a bloody lesson: in the cryptocurrency world, the most terrifying thing isn't a coin price going to zero, but signing your name on leveraged investments. If you were in his shoes, facing sanctions and debt, would you make a drastic cut, or fight to the bitter end like him? BTC BitRiver, Russia, Bitcoin mining, bankruptcy