On March 8, a Georgian court ordered the imprisonment of Mission Gate founder and venture capitalist George Bachiashvili, who is currently on trial for allegedly embezzling former Georgian Prime Minister Bidzina Ivanishvili's investment profits.
Bachiashvili's previous bail was set at 2.50 million Georgian lari ($900,000), but Georgia's Interior Ministry reported that the investor had violated his bail conditions by crossing the border into Armenia on March 2. As a result, Judge Giorgi Gelashvili upheld the prosecution's motion to detain Bachiashvili, saying the bail violation warranted stricter detention measures.
Bachiashvili is accused of embezzling 8,253.13 bitcoins between 2015 and 2017 and investing a $5 million loan (secured by Ivanishvili's personal funds) in a bitcoin mining operation through Bitfury. Ivanishvili claims that after discussing the stability of the cryptocurrency market, he and Bachiashvili agreed to liquidate the mined bitcoins in the second half of 2016.
Bachiashvili served as an aide to Ivanishvili, whose wealth is estimated at $7.60 billion, a quarter of Georgia's GDP.
The former assistant to the Georgian prime minister has fled abroad for allegedly embezzling the former prime minister's bitcoin
2025-03-08 02:51:09
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