In cursory: A Singapore-based US citizen has pleaded guilty to advising North Korea on cryptocurrencies. Virgil Griffith, an Ethereum Foundation scientist, admitted to one count of conspiracy to violate the International Emergency Economic Powers Act and faces between 63 months and 78 months behind bars when sentenced on January eighteen.

The Section of Justice (DoJ) writes that in 2022, Griffith hatched plans to provide services to individuals in North Korea past developing and funding cryptocurrency infrastructure in the hermit kingdom. The DoJ writes that he knew this could aid the country avoid United states sanctions.

Griffith traveled to Due north Korea in 2022 to nourish a crypto and blockchain conference, despite the U.s. Department of Country denying him permission to travel as it violated Treasury bans on "exporting any goods, services, or technology."

Virgil Griffith

The DoJ alleges that while there, Griffith "provided instruction on how the DPRK could use blockchain and cryptocurrency technology to launder money and evade sanctions" and "how blockchain engineering such as 'smart contracts' could be used to benefit the DPRK, including in nuclear weapons negotiations with the United states of america." He likewise appear plans to renounce his U.s. citizenship, with the goal to "purchase" citizenship in some other country.

It's alleged that Griffith attempted to recruit other US citizens, who would have traveled to Democratic people's republic of korea and provided similar crypto services. He was arrested at Los Angeles International Airport in November 2022.

Griffith, who has a doctorate in theoretical neuroscience from the California Institute of Engineering, pleaded guilty before his trial. Prosecutors agreed to seek a penalization in the range of 63 months to 78 months every bit function of the deal, helping him avoid the maximum 20-twelvemonth sentence.