Millions from Crypto and in-laws: What Tigran Avinyan and his wife declared in 2024

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Yerevan Mayor Tigran Avinyan, a board member of Armenia’s ruling Civil Contract party, declared a total income of 54.6 million drams in 2024 – an increase of 9 million drams compared to the previous year. According to Avinyan’s asset declaration, 27.3 million drams came from his mayoral salary, up by 7 million from 2023, with an additional 3 million drams listed as other income from the Yerevan Municipality, Factor.am reported.

Avinyan earned 24.3 million drams through the Poolin cryptocurrency mining platform – double the amount he received in the previous year. His holdings in Bitcoin increased by 0.95 BTC, bringing his total to 4.57 BTC, currently worth approximately $475,000. He also declared 1,483 ADA (Cardano) and 5 Ethereum, with no change from the previous year.

Avinyan reported 24.4 million drams in cash, spent 4.3 million drams as a one-time expense and ended the year with 13.7 million drams in bank accounts. Remarkably, neither he nor his wife, Mariam Pahlavuni, declared any real estate, though Avinyan resides in a private house in Yerevan, which he presents as his own and has occupied for more than 90 days.

A Volkswagen vehicle previously reported as a gift from his father, Armen Avinyan, was reclassified as a purchase in the latest declaration.

In addition to his role as mayor, Tigran Avinyan chairs the boards of both the Renewable Energy and Energy Efficiency Fund and the National Polytechnic University of Armenia.

His wife owns 100% of Baroor LLC (where she also serves as director) and holds a 34% stake in Lav Products. In 2024, She recovered loans of 19.8 million drams from Baroor and 2.8 million drams from Oror Toys. Pahlavuni deposited 14 million drams and holds three other deposits totaling 44.5 million drams. Her bank accounts held 7.8 million drams, with no cash declared.

For the second year in a row, Avinyan’s parents gifted millions to their daughter-in-law. She received 20 million drams from Armen Avinyan and 4.5 million drams from his wife, Hasmik Khlghatyan.