Billionaire Accused of Misappropriating $39M in Bitcoin, Lawyer Denies Charges

9. July 2023 By admin Off

• The Prosecutor’s Office of Georgia has filed criminal charges against billionaire entrepreneur George Bachiashvili, accusing him of misappropriating $39 million worth of Bitcoin in 2017.
• The legal team representing Bachiashvili has denied the charges, claiming they are politically motivated and not rooted in factual findings or serious investigation.
• Robert Amsterdam, founding partner at Amsterdam & Partners LLP, stated that the charges send a negative signal for the rule of law and investment and his firm intends to fight them aggressively.

Criminal Charges Filed Against Billionaire Entrepreneur

The Prosecutor’s Office of Georgia has filed criminal charges against billionaire entrepreneur George Bachiashvili, accusing him of misappropriating 8,253.13 Bitcoin worth $39 million at the time in 2017.

Legal Team Denies Accusations

The legal team representing Bachiashvili has issued a statement denying the criminal charges filed by the Prosecutor’s Office of Georgia. Robert Amsterdam, founding partner at Amsterdam & Partners LLP which represents Bachiashvili, claimed that the accusations are “not rooted in any factual findings or serious investigation” but instead are “politically motivated”.

Negative Signal For Rule Of Law And Investment

Amsterdam also said that these allegations send a negative signal for the rule of law and investment and his firm intends to fight them aggressively with an aim to reveal the truth.

Investor Expected Profit To Be Divided In Proportion To Invested Funds

The government body alleged that Bachiashvili engaged in Bitcoin (BTC) mining in 2015 with an investor who expected profit to be divided proportionally according to their invested funds. It is alleged that after generating a profit from mining activities he did not pay back what was due to his investor resulting in this criminal case being filed against him.

Misappropriated Crypto Intended For Financial Operations

Additionally it is claimed that he concealed details about the misappropriated crypto with intentions to transfer funds into different wallets and use money for financial operations; however no evidence has been presented by prosecutors as yet proving this theory true or false.