Ethereum developer Virgil Griffith has pleaded guilty to one count of conspiracy and is currently awaiting sentencing to be held in January 2022. Griffith was arrested after giving a presentation on blockchain technology at a North Korean conference in 2019.
The main takeaway:
- Although the prosecution and legal defense for Griffiths were preparing for trial, in an unexpected turn of events, Griffiths pleaded guilty to violating the International Emergency Economic Powers Act (IEEPA).
- By entering into a plea bargain, the Ethereum developer is looking for 63 to 78 months in prison. The jury will carry out sentencing proceedings at the beginning of next year.
- The exact details of what the Ethereum developer shared during the North Korea conference are not public knowledge. However, some legal analysts familiar with the case noted that most of what Griffiths shared during the conference is widely available and cannot be considered inside information.
- According to the South China Morning Post, Griffith began offering crypto-mining services to North Korean individuals in 2018, and after doing so, he violated US sanctions against the isolated Asian country.
- While out on bail, Griffith used his Coinbase funds to cover his legal expenses, which the prosecution deemed a violation of the terms of his bail agreements. Griffith was reprimanded and imprisoned at the Metropolitan Correctional Centre, notorious for his harsh living conditions.
- Griffith’s legal representative, Brian Klein, said his client was “deeply sorry” about the entire ordeal. Klein added that Griffiths has “many wonderful qualities,” and that he shouldn’t be defined by that one mistake.
David is a cryptocurrency enthusiast and an expert in personal finance. He has authored several publications for different platforms. He loves to explore new things, and this is how he discovered blockchain in the first place.