TechFlow news, according to Decrypt, a Georgian court today ordered the arrest of George Bakirashvili, founder of venture capital firm Mission Gate. Bakirashvili fled to Armenia on March 2 in violation of a $900,000 bail condition and has since moved to a third country.
Bakirashvili is accused of misappropriating 8,253 bitcoins between 2015 and 2017 and involvement in money laundering. The case stems from a $5 million bitcoin mining investment guaranteed by former Prime Minister Ivanishvili. Although Bakirashvili repaid the loan to Ivanishvili's Karto Bank and paid $536,900 in returns, Ivanishvili alleges that he concealed millions of dollars in actual mining profits.
Notably, Transparency International has raised serious concerns about the case. The organization pointed out that only loan documents and call records serve as non-testimonial evidence, stating, "in any legal system based on the rule of law, such charges should not proceed to trial."
Bakirashvili's defense lawyer called it a "mockery of due process," arguing the matter should be handled civilly rather than criminally. The defendant himself claims this is political retaliation by Ivanishvili—a Russia-friendly former prime minister worth $7.6 billion known as Georgia's "real ruler"—due to his support for Ukraine. If convicted, Bakirashvili faces up to 12 years in prison.
