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Georgian Fund Manager Released After Embezzling $40M in Bitcoin

Guavy AI Editorial Team
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BTC
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A Georgian fund manager who stole nearly $40 million worth of Bitcoin (BTC) from one of the country's most powerful political figures has been released under a plea deal. Giorgi Bachiashvili, who managed assets for former Georgian Prime Minister Bidzina Ivanishvili, admitted full guilt across all criminal charges and agreed to cooperate with investigators.

The theft occurred in 2015 when Bachiashvili borrowed the BTC from Cartu, Ivanishvili's banking firm, claiming he would use it to launch a mining operation. Prosecutors say he embezzled the coins instead.

Bachiashvili fled Georgia in March 2024 but was arrested at the border with Azerbaijan shortly after. Courts had sentenced him to 11 years in absentia, then added four more for illegal flight.

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