3 years ago

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Tonight’s Stories:

U.S. Securities Processor to Study CBDC
Brazilian CBDC to Pilot in 2022
Indian Crypto Exchange Volume Plummets after 30% Crypto Tax

It’s 10 PM Pacific time and the date is April 12th, 2022. And welcome back to the Crypto Overnighter. I am your host, Nick. The cover model for this podcast is Tex and together we take a nightly look at the crypto, nft and metaverse space and the industry that surrounds it.And keep in mind, nothing in this show should ever be considered financial advice.

More than 5 years in prison. 63 months. That’s what you get if you break sanctions and give aid to North Korea. Specifically when you plead guilty to a count of conspiracy to violate international sanctions.

So this guy, Virgil Griffith is an Ethereum developer. Well, was. You see, last September he pled guilty to the conspiracy charge. That’s after being arrested in November of 2019. He gave a talk at a cryptocurrency conference in the North Korea capital of Pyongyang in April of 2019.

Now, you can get a lot more time than that. This 63 month sentence was after his plea deal. He’s gonna get some credit for time served. And there’s been a lot made of his idealism, I guess he was diagnosed with narcissistic personality disorder. And he wanted to be a hero, standing up to government over reach, blah blah blah

But really what he did was help one of the most oppressive regimes on Earth. We’ve talked about it in the past. North Korea uses stolen cryptocurrency to fund their nuclear weapons research.

And he taught these people how to evade sanctions using crypto. The judge read text messages and email where Griffith admits it.. He admits to intentionally helping them evade sanctions.

I mean, there was a picture of Griffith at this conference. And keep in mind, he had zero permission to go to north Korea to begin with. So he’s at this blockchain conference in Pyongyang. This picture has him in front of a blackboard that says “No Sanctions”.

And the timing really didn’t help him any. People are a bit sensitive around the issue of crypto and sanctions. They’re eager to point out villains and say “See? Crypto is a tool to evade sanctions”.

And Griffith’s crime makes their case for them.

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