Ethereum

A Developer For Ethereum Pleaded Guilty For Assisting North Korea Sanctions.

Virgil Griffith, a former Ethereum developer known as “Chinese Vitalik,” has pleaded guilty to breaking North Korean sanctions. On one count of conspiracy to violate the International Emergency Economic Powers Act, the former developer pled guilty. Griffith’s sentencing in the case is set for January 2022, and he may face a sentence of up to 78 months in prison.

After giving a presentation on how to use crypto assets to circumvent international sanctions at a North Korean cryptocurrency conference in November 2019, the Ethereum [ETH] engineer was detained. Even though the full facts of the meeting were not published, the allegations were severe. Griffith allegedly sought to recruit additional persons for the presentation and attended the conference despite not having received authorization to go to North Korea’s capital, according to US investigators.

Griffith was allegedly advised not to do it ahead of time. Griffith is now incarcerated for failing to comply with his bail terms in 2020. Griffith allegedly attempted to access his Coinbase account in violation of his release terms, resulting in his detention once more.

Plea Agreement Arrives as a SurpriseMany people were surprised by Griffith’s plea agreement because his counsel had been prepared for a trial, and the jury had also been chosen on Monday morning. The plea deal, however, appears to have been negotiated over the weekend. Griffith would also give up any money he earned from the North Korean meeting as part of the arrangement.

The two-year legal fight that the former Ethereum engineer has been involved in has come to a conclusion with the plea agreement. Griffith’s lawyer also requested that he be transferred from the Metropolitan Correctional Center to the Essex County Correctional Facility in Newark, citing extremely challenging circumstances.

The recent price drop for ETH has also been attributed to misunderstanding among Chinese users who called Griffith Vitalik and thought the Ethereum creator had been detained, causing a sell-off.

Leave a Comment

Your email address will not be published. Required fields are marked *