Virgil Griffith, researcher of Ethereum Foundation has reportedly been denied bail in New York.
On Dec. 25 James Margolin the chief public information officer for the U.S. Attorney’s Office in Southern District of New York said naming Jan. 9 as the preliminary hearing date:
“Griffith was presented yesterday and ordered detained, He is appealing and there will be [a] hearing before Judge Broderick”
A report from Inner City Press on Dec. 26 details that the U.S. District Court for the Southern District of New York (SDNY) rejected the option of bail for Griffith.
Charged With Conspiring To Violate The International Emergency Economic Powers Act
United States prosecutors announced the arrest of Virgil Griffith, who allegedly traveled to the Democratic People’s Republic of Korea (DPRK) to train on how to use cryptocurrencies and blockchain technology to evade sanctions.
Griffith will be charged with conspiring to violate the International Emergency Economic Powers Act (IEEPA). The charges carry a maximum term of 20 years in prison.
U.S. Attorney Geoffrey S. Berman stated:
“As alleged, Virgil Griffith provided highly technical information to North Korea, knowing that this information could be used to help North Korea launder money and evade sanctions. In allegedly doing so, Griffith jeopardized the sanctions that both Congress and the president have enacted to place maximum pressure on North Korea’s dangerous regime.”
Griffith’s Incriminating Texts
Texts sent by Griffith to his family members were quoted by the U.S. Attorney’s office revealing that Griffith allegedly disowned his status as an American national accorded to Inner City Press, who were by their own account alone with Griffith’s parents in the audience at the court appearance.
Griffith’s texts also allegedly included intent to facilitate money laundering activities in North Korea.
The co-founder of Ethereum, Vitalik Buterin declared his solidarity with Virgil Griffith.
In September, speculations emerged that North Korea is reportedly developing its own cryptocurrency.