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NEWS: Georgia Billionaire George Bachiashvili Charged with Crypto Misappropriation and Money Laundering In a recent development, billionaire George Bachiashvili, the founder of the Georgian Co-Investment Fund, has been charged by Georgian prosecutors for misappropriation of funds in Bitcoin and money laundering. The Georgian Co-Investment Fund is renowned for managing a $6 billion private equity fund that contributes about 40% to the country's GDP. According to the Prosecutor's Office of Georgia, Bachiashvili is accused of misappropriating a significant amount of cryptocurrency, particularly Bitcoin, dating back to actions taken in 2015. It is alleged that Bachiashvili invested in Bitcoin mining using funds he personally raised, along with an unidentified investor. The investor contributed $5 million towards a one-year mining services contract with a foreign firm, valued at $6.3 million. The funds were utilized to secure the mining services. Within a year, the mining operation reportedly generated 24,662 BTC, resulting in a profit of 8,253 BTC. The plan was to divide the profit between the investor and Bachiashvili based on their invested amounts and accumulate it in a cryptocurrency wallet controlled by Bachiashvili's enterprise. However, the Prosecutor's Office claims that in 2017, Bachiashvili misappropriated the profit, paying only a small portion to the investor and concealing the details of the remaining bitcoins, which are valued at over $39 million according to Agenda. It's worth noting that the current value of 8,253 BTC would be around $251 million, suggesting that the figures provided by Georgian officials represent the value at the time of the alleged crime, rather than the present valuation. If found guilty of cryptocurrency misappropriation and money laundering, Bachiashvili could face a prison sentence ranging from nine to 12 years. The Georgian Co-Investment Fund, in a statement, emphasized that it was not involved in Bachiashvili's alleged actions and refrained from commenting further on the investigation due to his previous role on its supervisory board. #HotTopicDiscussion# #GateioBountyCreator# #ContentStar# #GateioLive# #GateioTurns10# #NewsMessenger# #BountyCreator# #CryptoObserves#
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