Misappropriation of Bitcoin
The Prosecutor’s Office of Georgia alleges that Bachiashvili misappropriated a “large amount” of cryptocurrency, particularly Bitcoin, during actions taken in 2015. The precise amount has not been disclosed.
Reportedly, Bachiashvili invested in Bitcoin mining using funds that he personally raised, along with an unidentified investor. However, the Prosecutor’s Office claims that in 2017, Bachiashvili appropriated the profits and only provided a small portion to the investor. He allegedly concealed the details of the remaining misappropriated bitcoins, which are estimated to be worth over $39 million, as reported by Agenda.
It’s worth noting that as of press time, the value of 8,253 BTC would amount to approximately $251 million, indicating that the figures provided by Georgian officials reflect the value at the time of the alleged offense rather than present-day valuation.
No Involvement from Georgian Co-Investment Fund
The Georgian Co-Investment Fund, in a statement, asserted that it was not involved in Bachiashvili’s alleged actions and could not comment further on the ongoing investigation. This limitation stems from Bachiashvili’s previous role on the fund’s supervisory board, according to the statement.