A Georgian-Russian investment 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 that slashed his prison sentence from 15 years to a one-year suspended term.
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, Tbilisi prosecutors said.
He was also ordered to pay a $19,000 fine.
What Happened
Ivanishvili's banking firm Cartu loaned Bachiashvili the Bitcoin in 2015 after the fund manager said he would use the cryptocurrency 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. The plea deal eliminated that exposure entirely.
Prosecutors also dropped charges against Bachiashvili's parents, who had been indicted for allegedly helping launder $3.5 million worth of Cartu's Bitcoin.
"Bachiashvili has fully admitted his guilt to all the criminal charges," prosecutors told Georgian broadcaster Channel 1. "He also fully cooperated with the investigation and has paid compensation for the damages incurred."
Read also: Ledn Completes First Bitcoin-Backed Bond Sale After Liquidating 25% Of Loans During Price Crash
