Crypto Verdict: Griffith Earns 5 Years For Violating U.S. Sanctions
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Loading... - Valeria Barrera
- 14 Apr 2022
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Virgil Griffith, a former Ethereum developer, has earned himself five-year imprisonment and a fine worth US$100,000 for violating U.S. sanctions on North Korea. Yes, this is the biggest news in the highly volatile cryptocurrency market. The District Judge, Kevin Castel, the Southern District of New York, has given out the crypto verdict that Griffith has committed this crypto-crime intentionally and deliberately with an aim to violate U.S. sanctions. Let’s explore how Griffith pleaded guilty to this conspiracy for violating U.S. sanctions on North Korea.
Virgil Griffith is a resident of Singapore who worked as a research scientist at the Ethereum Foundation since 2016. He allegedly visited North Korea to deliver a presentation on the cryptocurrency market and offer his expertise on cryptocurrency and blockchain technology to evade sanctions. This information was useful for North Korea to violate and evade U.S. sanctions efficiently and effectively.
Griffith was arrested on November 29, 2019, at the Los Angeles International Airport for presenting the tactics and strategies on the cryptocurrency rules and regulations in North Korea. He was also charged with violating the International Emergency Economic Powers Act for this crypto-crime. The main reason is that the United States of America is known for banning citizens from visiting North Korea without official permission from the government.
He explained the whole process of how North Korea can leverage blockchain technology in negotiations with U.S. sanctions. It can be done through a smart contract tied to a North Korean missile.
But, the clinical evaluation or a psychological assessment from the defense team stated that Griffith was suffering from Narcissistic Personality Disorder and Obsessive-Compulsive Personality Disorder. That being said, he had gained good support from the cryptocurrency market for presenting pieces of information that are publicly available. Read More...
