Billionaire George Bachiashvili denies allegations of misappropriating $39 million in Bitcoin

ChainCatcher news, representing billionaire entrepreneur George Bachiashvili's legal team, issued a statement denying the criminal charges brought by the Georgian Prosecutor's Office. Meanwhile, Robert Amsterdam, founding partner of Amsterdam & Partners LLP representing Bachiashvili, stated that these allegations "are not based on any factual investigation results or serious inquiry," but rather "are politically motivated."

Yesterday, the Georgian Prosecutor's Office accused Bachiashvili of embezzling a large amount of cryptocurrency and money laundering. The accusation claims that Bachiashvili embezzled 8,253.13 bitcoins in 2017, valued at 39 million dollars at the time, but failed to pay investors the appropriate amounts. The office also alleged that Bachiashvili concealed details of the embezzled cryptocurrency with the intent to transfer the funds to different wallets and use the money for financial operations. If convicted, the accused could face 9 to 12 years in prison. The Georgian Co-Investment Fund issued a statement saying that the organization was not involved in these actions. (source link)