Giorgi Bachiashvili, a former fund manager, has been released from prison after embezzling nearly $40 million in Bitcoin from Bidzina Ivanishvili, Georgia’s former prime minister. Initially sentenced to 11 years for this crime, Bachiashvili fled the country but was arrested at the Azerbaijan border and sentenced to additional time for his illegal flight. However, following a plea deal where he admitted guilt and compensated for damages, his sentence was dramatically reduced to a suspended one-year term, and charges against his parents were dropped. This case occurs amidst the rising popularity of Bitcoin mining in Georgia, where the sector’s power consumption has significantly increased, highlighting a growing focus on cryptocurrency in the region.
Giorgi Bachiashvili freed after plea deal for embezzling $40M in Bitcoin
