A Bitcoin scandal hit the agenda like a bombshell. Billionaire George Bachiashvili, former head of the Republic of Georgia’s mutual investment fund, is at the center of the accusations. Accordingly, money laundering and embezzlement of $39 million worth of Bitcoin in 2015 are among the charges. Let’s look at the details.
The multi-million dollar Bitcoin scandal
George Bachiashvili, former head of the Georgia Joint Investment Fund, is at the center of a lawsuit involving allegations of substantial embezzlement of cryptocurrency and money laundering. Accordingly, the Prosecutor’s Office of the Republic of Georgia is leading the investigation. He brought charges against Bachiashvili in 2015, alleging that he misused a significant amount of Bitcoin. On the other hand, the allegations highlight the funds that Bachiashvili personally collected at that time. In addition, investments made by an investor using their additional contributions are in focus.
According to the prosecutor’s office, Bachiashvili used the collected funds to purchase mining services from a foreign company under a one-year contract. The total cost of the contract was $6.3 million. In addition, the investor contributed $5 million. The purpose of the mining venture was to generate profits to be shared proportionally among investors. Over the course of a year, the startup generated 24,661.85 Bitcoins. There was also a profit of 8,253.13 BTC.
Potential consequences and rejection of the mutual fund
The allegations, however, state that Bachiashvili unfairly received a significantly larger share of the profits in 2017. He also states that he left only $536,900 to the investor. The Bitcoin BTC received by Bachiashvili is reportedly worth over $39 million. The charges extend to Bachiashvili’s post-mining activities. On the other hand, it is emphasized that he transferred BTC to different wallets and used them for various financial transactions. He also allegedly maintains control over the funds.
If found guilty, Bachiashvili will face a prison sentence ranging from nine to twelve years. The Georgia Joint Investment Fund distanced itself from these actions, announcing that Bachiashvili is a member of the supervisory board and has not held a managerial position for years. The fund did not comment further on the ongoing investigation.
cryptocoin.com Looking at George Bachiashvili, the embezzlement of $39 million worth of Bitcoin and money laundering charges have important consequences. As the case progresses, the former head of the Georgia Joint Investment Fund could face serious consequences if found guilty. The Fund claims that Bachiashvili was not involved in any of his alleged actions. He also emphasizes his status as a board member rather than a manager. The outcome of this high-profile case will shed light on the potential consequences for those involved in cryptocurrency-related financial misconduct.
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