#39m

Ravens and tight end Mark Andrews has agreed to terms on a three-year, $39.3 million extension that includes $26m guaranteed. The Mark Andrews era will continue in Baltimore, as the Ravens have agreed to a greed to terms on a three-year, $39.3 million extension with the franchise’s all-time leading catcher. The deal includes $26 million in guaranteed money. Andrews was slated to hit free agency…

What to Know: Pave Bank raised $39M in its Series A funding, bringing its total amount raised to $45M. The bank offers traditional banking services as well as digital asset-management solutions. This latest funding round is a strong signal that the line between traditional banking and blockchain technology is increasingly blurring. On the consumer side, Best Wallet Token is pumping with its own…

Arsenal and sporting director Andrea Berta are somehow not done in the summer transfer market, despite spending over £250 million already this window. The Gunners’ ambition to end their two-decade-long wait for a Premier League title is crystal clear from their excellent deals for Kepa, Martin Zubimendi, Christian Norgaard, Noni Madueke, Cristhian Mosquera, Viktor Gyokeres and Eberechi Eze, with…

Houston Rockets heart Steven Adams has agreed to a three-year, $39 million contract extension to stick with the franchise, sources advised ESPN on Saturday. Rockets officers and Adams’ brokers at Wasserman negotiated the brand new, absolutely assured contract by 2028, sources stated. Adams, who turns 32 subsequent month, was slated to develop into an unrestricted free agent this summer season. He…

Tottenham have made a pre-summer approach to sign a £39 million Brazilian after he was apparently recommended by Fabio Paratici. Spurs keen on new midfielder for Postecoglou The north Londoners are said to be keen on signing a new midfield running man, as Ange Postecoglou personally wants a number eight who can alternate with James Maddison (Miguel Delaney). Related Suggestion £26m striker…

$39M BTC Scandal Sends Georgian Billionaire to Court

(adsbygoogle = window.adsbygoogle || []).push();

Share this article

George Bachiashvili, former head of the Georgian Co-Investment Fund, is accused of significant misappropriation of cryptocurrency and alleged money laundering.

The Prosecutor’s Office of the Republic of Georgia is heading the case against Bachiashvili, alleging he misused a significant amount of Bitcoin in 2015. The case centers around Bachiashvili’s investments made in the summer of 2015, which involved funds he had personally raised and additional contributions from an investor:

“Bachiashvili had invested in mining of Bitcoin cryptocurrency in the summer of 2015 using money ‘personally raised’ by him and handed over by an investor.”

These funds were used to secure mining services from a foreign firm under a one-year contract, with a total cost of $6.3 million, $5 million of which was provided by the investor. The company was responsible for mining Bitcoin for an business indirectly owned by Bachiashvili. The profits from the mine were intended to be divided among the investors proportionally.

The venture produced 24,661.85 BTC over the year, which translated to a profit of 8,253.13 BTC, according to the Prosecutor’s Office. However, it is alleged that Bachiashvili took a disproportionately large share of the profit in 2017, with only $536,900 going to the investor. The BTC that Bachiashvili reportedly took amounted to over $39 million.

The allegations extend to Bachiashvili’s activities after obtaining the funds. It is claimed that he transferred the BTC to different wallets and used them for various financial activities, allowing him to maintain control over the funds.

If convicted, Bachiashvili could face a prison sentence of between nine and twelve years. The Georgian Co-Investment Fund has declared it was not involved in these actions, clarifying that Bachiashvili was merely a member of its supervisory board and had not been a director for years:

“The Fund was unable to comment further on the investigation as Bashiashvili served as a member of its supervisory board and had not worked as a director ‘in years.’”

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

(adsbygoogle = window.adsbygoogle || []).push(); #39M #BTC #Scandal #Sends #Georgian #Billionaire #Court

Zimbabwe Sold $39M Worth of Gold-Backed Crypto Amid IMF Warning

(adsbygoogle = window.adsbygoogle || []).push();

Key Takeaways

Despite warnings from the IMF, the Reserve Bank of Zimbabwe received 135 applications for gold-backed crypto tokens.

The applications amassed 14.07 billion Zimbabwean dollars in gold-backed tokens in hopes of reviving the Zimbabwean economy.

Share this article

The Reserve Bank of Zimbabwe (RBZ) has sold $39 million worth of gold-backed crypto, around 14 billion Zimbabwean dollars, in an attempt to stabilize the country’s economy and reduce the continued depreciation of the local currency against the U.S. dollar, despite warnings from the International Monetary Fund (IMF).

The RBZ announced on May 12 that it had received 135 applications, totaling 14.07 billion Zimbabwean dollars, to buy the 139.57 kilograms of gold-backed cryptocurrency. The tokens were sold at a minimum price of $10 for individuals and $5,000 for corporations and other entities.

The IMF warned that the introduction of the gold-backed crypto tokens could pose a risk to financial stability, stating that the sale of these tokens could pose a risk to the Zimbabwean dollar volatility and instead should be working to “liberalize its foreign-exchange market,” according to a Bloomberg report on May 9. 

A spokesperson told Bloomberg that “a careful assessment should be conducted to ensure the benefits from this measure outweigh the costs and potential risks including, for instance, macroeconomic and financial stability risks, legal and operational risks, governance risks, cost of forgone FX [foreign exchange] reserves.”

The RBZ has defended the move, saying that the gold-backed crypto tokens will provide a more stable store of value than the Zimbabwean dollar, with the official application stating: 

“The RBZ Gold-backed Digital Tokens are being issued to expand the value-preserving instruments available in the economy, enhance divisibility of the investment instruments and widen their access and usage by the public.”

The gold-backed crypto tokens are expected to be an important tool in stabilizing the Zimbabwean economy, one that has been under “enormous pressure” to recover from its ever-rising inflation, according to Bloomberg.

Zimbabwe President Emmerson Mnangagwa empathized with the struggles of the poor and marginalized when he promised to revive the economy in a 2019 State of the Nation address, adding:

“Getting the economy working again from being dead will require time, patience, unity of purpose and perseverance.”

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

(adsbygoogle = window.adsbygoogle || []).push(); #Zimbabwe #Sold #39M #Worth #GoldBacked #Crypto #IMF #Warning