Cryptocurrency

George Bachiashvili’s lawyer denies $39M Bitcoin misappropriation costs

July 7, 2023
1 minute read

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The authorized group representing the billionaire entrepreneur George Bachiashvili has issued an announcement denying the legal costs filed by the Prosecutor’s Workplace of Georgia, alleging that the businessman misappropriated Bitcoin (BTC) value $39 million. 

On July 6, the prosecutor’s workplace charged Bachiashvili with the misappropriation of crypto and cash laundering. In 2015, the workplace mentioned that Bachiashvili engaged in Bitcoin mining with an investor who anticipated the revenue to be divided in proportion to the invested funds.

The federal government physique alleged that Bachiashvili generated a revenue of 8,253.13 BTC in 2017, value round $39 million on the time, and did not pay the suitable quantity to the investor. With Bitcoin hovering round $30,000, the quantity of BTC revenue allegedly generated by Bachiashvili is value virtually $250 million on the time of writing.

The workplace additionally alleged that Bachiashvili hid the main points of the appropriated crypto, with the intention of transferring the funds to completely different wallets and utilizing the cash for monetary operations.

In the meantime, Robert Amsterdam, the founding associate of Amsterdam & Companions LLP, which represents Bachiashvili, issued its assertion, noting that the fees are “not rooted in any factual findings or critical investigation” however are fairly “politically motivated.”

In keeping with Amsterdam, the fees are a damaging sign for the rule of legislation and funding. The lawyer highlighted their intention to battle the accusations and work to disclose the reality. 

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The lawyer additionally said within the press launch that the state equipment is being “abused as an instrument of theft,” and Bachiashvili is just being focused due to his political opinions. “These costs are a humiliation to the nation, and we intend to vindicate our consumer by way of all accessible measures each domestically, with our co-counsel in Georgia, and internationally,” he added.

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