George Bachiashvili Denies Allegations of $39 Million Bitcoin Theft

¹The legal team representing billionaire entrepreneur George Bachiashvili has issued a statement denying the criminal allegations filed by the Prosecutor’s Office of Georgia, which allege that the businessman stole Bitcoin worth $39 million.

On July 6, the prosecutor’s office filed charges against Bachiashvili for crypto theft and money trafficking. In 2015, according to the office, Bachiashvili engaged in Bitcoin mining with an investor who anticipated a proportional profit distribution.

Bachiashvili allegedly generated a profit of 8,253.13 BTC in 2017, which was worth approximately $39 million at the time, but neglected to pay the appropriate amount to the investor.

At the time of writing, Bachiashvili’s alleged BTC earnings are worth close to $250 million based on Bitcoin’s current price of approximately $30,000. The office also alleged that Bachiashvili concealed the details of the stolen cryptocurrency to transfer the funds to multiple wallets and use the funds for financial operations.

Robert Amsterdam, the founding partner of Amsterdam & Partners LLP, which represents Bachiashvili, issued a statement in which he asserted that the charges are “not based on any factual findings or serious investigation” but are “politically motivated.”

According to Amsterdam, the fees are detrimental to the rule of . The attorney emphasized their intention to combat the accusations and uncover the truth.

In the press release, the attorney also stated that the state apparatus is being “misused as a tool for theft” and that Bachiashvili is being targeted solely due to his political beliefs.

“These charges are an embarrassment to the country, and we intend to vindicate our client by all available means, both domestically and internationally, in conjunction with our co-counsel in Georgia,” he added.