https://archive.md/a0B0v
"In late May, a fugitive entrepreneur with control over a Bitcoin fortune
walked into the lobby of an Abu Dhabi hotel for a routine meeting with a
lawyer. Minutes later, he was surrounded by a group of security operatives,
whisked away in a convoy of two cars and eventually blindfolded and bundled
onto a secret private flight to his native Georgia. There, he was imprisoned
and asked to transfer his Bitcoin to the Caucasus nation’s mercurial
billionaire master. To reinforce the message, a goon was sent into his cell to
beat him unconscious.
That, at least, is the entrepreneur’s account. According to him, this was the
dramatic denouement to his relationship with the Georgian billionaire. More
than a decade before, the two had been on the same side. The young man, George
Bachiashvili, had worked for the billionaire, Bidzina Ivanishvili, helping
manage his businesses and investments. Over time, as Mr. Ivanishvili secured
almost total control over Georgia and Mr. Bachiashvili was drawn deeper into
the world of cryptocurrency, things fell apart. Now they face each other as
enemies, with one seemingly seeking the destruction of the other.
I spent many years covering the region as a journalist, and I have kept an eye
on it ever since. A few months ago an acquaintance of mine in Tbilisi mentioned
this story to me, describing it as a crypto heist with political overtones. The
more I looked into it, the more significant it seemed. Over the past several
weeks I have spoken with Mr. Bachiashvili’s lawyers, his mother and other
people who know him. On the other side, I corresponded with Mr. Ivanishvili’s
lawyer — who denied the allegations — and reviewed accounts of the case
published by the Georgian media and watchdogs.
What I found is a story that tells us so much about our world today. It’s about
the capture of entire states by individuals, a process unfolding in Hungary,
Turkey and — alarmingly — the United States. It dramatizes the possibilities
and perils of serving one all-powerful person, where blind loyalty is demanded
and initiative punished, and underscores how easily people can become pawns in
geopolitical games. But its most revealing feature is the technology
underpinning it: cryptocurrency."
Via Steven Vaughan-Nichols, who wrote "This really is a crazy story and scary
as hell."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
