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Fed Governor Says Public Will Demand Crypto Regulation As ‘Intolerable’ Losses Mount

Fed Governor Says Public Will Demand Crypto Regulation As ‘Intolerable’ Losses Mount

A top official at the U.S. Federal Reserve says the public will clamor for the regulation of the crypto markets as losses continue to pile up. In a new speech at the SNB-CIF Conference on Cryptoassets and Financial Innovation in Switzerland, Fed Governor Christopher Waller says that regulations for digital assets will ultimately be demanded […]

The post Fed Governor Says Public Will Demand Crypto Regulation As ‘Intolerable’ Losses Mount appeared first on The Daily Hodl.

BlackRock leads $47M funding round for RWA tokenization firm Securitize

US Charges Ethereum Dev’s Conspirators Allegedly Helping North Korea Evade Sanctions Using Crypto

US Charges Ethereum Dev’s Conspirators Allegedly Helping North Korea Evade Sanctions Using CryptoTwo European citizens have been charged for conspiring with Ethereum developer Virgil Griffith to help North Korea evade U.S. sanctions using cryptocurrency, the Department of Justice (DOJ) announced. They conspired “to teach and advise members of the North Korean government on cutting-edge cryptocurrency and blockchain technology, all for the purpose of evading U.S. sanctions.” Virgil […]

BlackRock leads $47M funding round for RWA tokenization firm Securitize

North Korea-obsessed Ethereum dev gets 5 years for breaking sanctions

Former Ethereum developer Virgil Griffith has been sentenced to 63 months in prison and a $100,000 fine for violating sanctions on North Korea.

Virgil Griffith, a former Ethereum (ETH) developer has been sentenced to 63 months in prison and will pay a fine of $100,000 for attending a conference and assisting North Korea use blockchain technology in contravention of economic sanctions imposed by the United States.

On Tuesday, April 12, U.S. District Judge Kevin Castel of the Southern District of New York handed down the decision. Judge Castel stated that “what you see here is intentionality, a deliberate, willful intent to violate the sanctions' regime,” adding that the crime was made worse because Griffith had a “desire to educate people on how to evade sanctions.”

In September 2021, Griffith pleaded guilty to conspiracy to violate the International Emergency Economic Powers Act, a law banning U.S. citizens from exporting any “goods, services or technology to the DPRK (North Korea) without a license from the Department of the Treasury, Office of Foreign Assets Control (OFAC).”

In early 2019 Griffith was unsuccessful in gaining permission from US authorities to travel to North Korea, but in April, he went anyway and visited the capital of Pyongyang for the “Blockchain and Cryptocurrency Conference”.

At the conference he gave presentations dressed in a North Korean suit about how the country could use cryptocurrencies to evade sanctions and launder money. He also presented methods on how smart contracts could be used to benefit the country in nuclear weapons negotiations with the U.S.

In an attempt to lower his sentence Griffith's defense team provided evidence of factors which may have caused him to act irrationally. They presented a psychological assessment of Griffith which showed him suffering from both Obsessive Compulsive Personality Disorder (OCPD) and Narcissistic Personality Disorder (NPD).

His defense team said that diagnosis of OCPD and NPD explained the “obsession” Griffiths had for North Korea and is potentially what caused him to brush off warnings from his friends, family, and the government on unsanctioned travel to the country.

Related: The FBI’s takedown of Virgil Griffith for breaking sanctions, firsthand

At the hearing, Griffith was given the opportunity to speak stating he was remorseful of his actions, adding the sanctions on Russia due to the invasion of Ukraine had “shown their value” and that he had been “cured” of his “obsession with North Korea”.

The court did not appea convinced that Griffith was regretful, with Judge Castel saying:

“The fact of the matter is Virgil Griffih hoped to come home as a crypto hero, to be admired and praised for standing up to government sanctions, for his fearlessness and nobility.”

Griffith was arrested in November 2019 by the FBI, a few months after his return from the conference, he had several meetings with the Bureau regarding his trip prior to his arrest, even providing them with photographs of himself giving presentations at the conference.

North Korea has become increasingly sophisticated with its use of cryptocurrency both in evading sanctions and in using hacks and exploits to steal millions of dollars.

In January, a report by Chainalysis revealed that nearly $400 million was stolen by North Korean hackers in 2021 through exchange hacks and ransomware, employing a meticulous laundering system involving decentralized exchange swaps and multiple crypto tumblers.

BlackRock leads $47M funding round for RWA tokenization firm Securitize

Canadian prime minister’s sibling goes bananas for Dogecoin at Bitcoin 2021

"I say keep an open mind towards the Doge and Doge-consciousness,” said Kyle Kemper.

The big crypto news out of Miami over the weekend may have been El Salvador President Nayib Bukele’s decision to proceed with making Bitcoin legal tender, but another figure connected to a world leader made his own mark in supporting Dogecoin.

In an exclusive interview with Cointelegraph at the Bitcoin 2021 conference, Kyle Kemper, the 37-year-old half brother of Canadian prime minister Justin Trudeau resplendent in a banana costume, said he was launching a Dogecoin (DOGE) project. The initiative, called the “Million Doge Disco” is, according to Kemper, a combination of the smartphone game Pokemon Go, the popular 1990s digital pet craze Tamagotchi, and nonfungible tokens.

“There are honestly Doge floating around us,” said Kemper, gesturing with his hand around the conference floor. “I suggest that you perhaps switch some crypto into some Doge for the pure reason to give it away.”

The Doge enthusiast, who has been an outspoken Bitcoin (BTC) and crypto proponent, went on to say children likely found the meme-based cryptocurrency more appealing than BTC. As part of his promotional work at the conference, he was “giving the kids Dogecoin” through stickers with addresses:

“Doge is a wonderful intro currency, so it’s really easy for kids to get started with Doge [...] I say keep an open mind towards the Doge and Doge-consciousness.”

Kemper also compared BTC creator Satoshi Nakamoto to Jesus, saying he was “no longer with us, but he walked on water” and “one day perhaps” may rise from the dead to greet those in crypto.

“Not yet,” said Kemper repeatedly when asked about the timeline for Satoshi's speculative return. “Not yet.”

Watch the full interview between Kemper and Cointelegraph here.

BlackRock leads $47M funding round for RWA tokenization firm Securitize