North Korea has long been blamed of employing cryptocurrency to keep away from sanctions, but the US is now blaming a person of offering the nation some assistance that American law enforcement has arrested Virgil Griffith (Ethereum project member and crypto expert) for supposedly offering North Korea with data on how blockchain tech and cryptocurrency can assist the isolated country avoid US approvals. He showed in Pyongyang at a crypto event in spite of being denied sanction to travel to North Korea, and allegedly spoke about how the nation can “launder cash” and otherwise avoid trade hurdles. There were various North Korean executives in the audience who asked him doubts, as per Department of Justice.
Apart from this, Griffith allegedly aimed to streamline Ethereum exchanges between South and North Korea while being aware that this might breach US approvals. He actually called on other people in the US to visit North Korea (comprising for the crypto event) and hints plans to re-declare his citizenship for US while purchasing citizenship somewhere else.
Griffith is blamed with breaching the International Emergency Economic Powers Act and, if found guilty, can face almost two decades in prison.
Whether or not the accusations hold up, it does not seem good for Griffith. There have been various reports of North Korea pinching billions in conventional money and cryptocurrency to assist support its nuclear project—Griffith could not fake innocence about what the nation may need from him. And with an explicit notice to stop going, he was in trouble irrespective of what he said.
On a similar note, United Nations experts say that they are legitimately looking into minimum 35 instances of cyberattacks by North Korea in 17 nations, thought to be performed in an attempt to support its nuclear program. As per media report, North Korea has obtained almost $2 Billion from rising sophisticated cyber attacks against cryptocurrency exchanges and financial institutions.
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