George Bachiashvili, a venture capitalist and founder of Mission Gate, is becoming the center of a financial scandal in Georgia. He is accused of embezzling thousands of Bitcoins from former Prime Minister Bidzina Ivanishvili. Amid the trial, Bachiashvili unexpectedly fled Georgia, raising many questions about the case and the true motives behind it.


From Bitcoin Investment to Embezzlement Charges


Bachiashvili was once an assistant to Bidzina Ivanishvili, the richest person #GEORGIA with an estimated wealth of 7.6 billion USD—equivalent to a quarter of the national GDP. The scandal originated from a 5 million USD loan that Bachiashvili received from Cartu Bank (owned by Ivanishvili) to invest in Bitcoin mining through Bitfury from 2015 to 2017.


According to Ivanishvili, the two parties agreed to liquidate the mined Bitcoins in the second half of 2016 to avoid market risks. Bachiashvili repaid the loan in August and September 2016, also transferring 536,900 USD in profits to bank director Nato Khaindrava a year later.


However, Ivanishvili alleged that Bachiashvili concealed the true profits, as the mined Bitcoins were worth millions of USD at that time. From this, Bachiashvili is charged with misappropriation of property and money laundering under Articles 182 and 194 of the Georgian Penal Code.


The Mysterious Escape


Initially, Bachiashvili was granted bail with a bond of 2.5 million GEL (900,000 USD). However, the Georgian Ministry of Internal Affairs reported on March 2 that he had crossed the border into Armenia, violating the bail conditions. There were later reports that he had gone to a third country, but the exact location has not yet been disclosed.


Judge Giorgi Gelashvili approved the prosecution's request, ordering the arrest of Bachiashvili for violating bail conditions. If convicted, he could face a sentence of up to 12 years in prison.


Controversy: Justice or Political Blow?


The case quickly attracted the attention of international organizations, including Transparency International. The organization criticized that the lawsuit 'clearly reflects Ivanishvili's personal financial interests,' and according to international legal standards, this case 'would never have sufficient grounds for prosecution.'


Bachiashvili's legal team, from Amsterdam & Partners (#london and Washington D.C.), also spoke out against the lawsuit. Robert Amsterdam, a senior partner at the firm, stated that this case is an 'abuse of the judicial process.' He criticized that Ivanishvili has no specific evidence but is using the judicial system to shift the case from a civil dispute to a criminal one.


Bachiashvili also claims that the accusations against him have political motives. He publicly supported Ukraine in the conflict with Russia, which he believes has displeased Ivanishvili—who is accused of having pro-Russian views.


Conclusion


The event of Bachiashvili's flight not only heated public opinion about the embezzlement $BTC but also raised doubts about how the Georgian judicial system operates. Is this really merely a financial case or just a sophisticated political chess game? The answer remains unclear as the main character has vanished mysteriously. #anhbacong