The legal team representing billionaire entrepreneur George Bachiashvili has issued a statement denying the criminal charges brought against him by the Prosecutor’s Office of Georgia. The charges allege that Bachiashvili misappropriated Bitcoin (BTC) worth $39 million and engaged in money laundering.
On July 6, the prosecutor’s office charged Bachiashvili with the misappropriation of crypto and money laundering. The office claimed that in 2015, Bachiashvili had participated in Bitcoin mining with an investor who expected the profit to be divided based on the invested funds. However, the government body alleged that Bachiashvili generated a profit of 8,253.13 BTC in 2017, worth around $39 million at the time, and failed to pay the appropriate amount to the investor. It is important to note that with Bitcoin’s current value hovering at around $30,000, the alleged BTC profit generated by Bachiashvili would be worth almost $250 million.
The prosecutor’s office further asserted that Bachiashvili concealed the details of the appropriated crypto with the intention of transferring the funds to different wallets and using the money for financial operations.
However, Bachiashvili’s legal representation, Amsterdam & Partners LLP, released a statement rejecting the charges and calling them “politically motivated” instead of being rooted in factual findings or a serious investigation. Robert Amsterdam, the founding partner of the law firm, expressed concern that the charges sent a negative signal for the rule of law and investment. The legal team has vowed to aggressively fight the accusations and uncover the truth surrounding the case.
Amsterdam also criticized the state apparatus, stating that it was being abused as an instrument of theft and targeting Bachiashvili due to his political beliefs. He described the charges as an embarrassment to the country and announced their intention to vindicate their client through all available measures, both domestically with their co-counsel in Georgia and internationally.
The legal battle surrounding the allegations against Bachiashvili highlights the potential risks and challenges faced by individuals involved in the cryptocurrency industry. The nature of digital assets, such as Bitcoin, raises unique legal and regulatory considerations that require careful attention. As the sector continues to evolve, it becomes increasingly important to establish robust frameworks that ensure fairness, transparency, and accountability for all participants.
It remains to be seen how the case against Bachiashvili will unfold and whether the truth behind the allegations will be revealed. In the meantime, the legal team representing the billionaire entrepreneur will continue their efforts to defend their client’s innocence and counter what they believe to be politically motivated charges. The outcome of this case is likely to have wider implications for both the cryptocurrency industry and the rule of law in Georgia.