Georgian news outlet Agenda reported Thursday that George Bachiashvili, the founder of the Georgian Co-Investment Fund, known for running a $6 billion private equity fund contributing about 40% to the nation’s GDP, has been charged with cryptocurrency misappropriation and money laundering.
The Prosecutor’s Office of Georgia alleges Bachiashvili misappropriated a “large amount” of cryptocurrency, notably Bitcoin, dating back to actions taken in 2015.
Bachiashvili, previously recognized on Forbes 30 Under 30 – Finance (2014) for his role in managing the fund backed by Georgia’s billionaire prime minister, reportedly invested in Bitcoin mining using funds “personally raised” by him and an unidentified investor. The funds were used to secure mining services from a foreign firm under a one-year contract valued at $6.3 million, wherein the investor’s share was $5 million.
The mining operation, as reported by Agenda, generated 24,662 BTC within a year, leading to a profit of
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