Crypto Fraud Exposed: Bachiashvili Fleeing After Mishandling $43M in Bitcoin

• George Bachiashvili has fled the country after being accused of embezzling investment profits from former Georgian Prime Minister Bidzina Ivanishvili
• Authorities claim he mishandled 8,986 Bitcoins worth $43 million, using a $5 million loan from Ivanishvili’s funds for Bitcoin mining at Bitfury but only returning $536,900 in profits.

George Bachiashvili, has fled the country after being accused of misusing funds linked to Bitcoin deals. Bachiashvilli who was the founder of  Mission Gate and a venture capitalist. He is currently being put on trial for allegedly embezzling investment profits from former Georgian PM Bidzina Ivanishvili.

Ex-Fund Manager Detained Over $43M Crypto Fraud

The accuser was charged with allegedly embezzling crypto assets from Bidzina Ivanishvili, who previously led the Co-Investment Fund and established The Georgian Dream. 

A Georgian court recently ruled that Bachiashvili would be jailed for this ‘alleged actions’. He had been granted bail of 2.5 million GEL ($900,000), but officials said he violated the terms by crossing into Armenia on March 2. Due to that,  Judge Giorgi Gelashvili approved the prosecutor’s request to detain him.

Authorities claim that in 2017, Bachiashvili mishandled 8,986 Bitcoins, worth about $43 million at that time, while returning only $536,900 to the investor. Between 2015 and 2017, Bachiashvili allegedly carried out the transactions. 

He used a $5 million loan, taken from Ivanishvili’s funds, to finance Bitcoin mining at Bitfury. Ivanishvili stated that he considered selling the mined cryptocurrency in the middle of 2016 due to market uncertainty. Reports indicate that Bachiashvili repaid the borrowed amount to Cartu Bank, owned by Ivanishvili, in August and September of that year. 

Prosecutors argues that this justifies the strict legal action against Bachiashvilli, while his lawyers believe extra punishment is unnecessary. Bachiashvili denies any wrongdoing, stating that the accusations are politically motivated due to his pro-Ukraine views.

Bachiashvili Relocates After Leaving Armenia

The Local news outlet TV Pirveli, has  reports that Bachiashvili has departed Armenia, possibly after authorities became aware of his whereabouts. According to the station, he has now entered another nation, but as of time of writing,  he has not revealed his exact location.

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