Today United States prosecutors announced the arrest of Virgil Griffith, who allegedly traveled to the Democratic People’s Republic of Korea (DPRK) to deliver a presentation on how to use cryptocurrencies and blockchain technology to circumvent sanctions.
According to the November 29 announcement, the 36-year-old Griffith was arrested at the Los Angeles International Airport, and 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.”
The IEEPA prohibits any U.S. citizens from exporting any goods, services, or technology to the DPRK without a license from the Department of the Treasury, Office of Foreign Assets Control.
Griffith, a U.S. citizen living in Singapore, was previously denied permission to travel to the DPRK by the U.S. Department of State. Griffith went against the decision and presented at the DPRK Cryptocurrency Conference, violating the U.S. sanctions against the DPRK. FBI Assistant Director-in-Charge William F. Sweeney Jr. said:
“There are deliberate reasons sanctions have been levied on North Korea. The country and its leader pose a literal threat to our national security and that of our allies. Mr. Griffith allegedly traveled to North Korea without permission from the federal government, and with the knowledge of what he was doing was against the law. We cannot allow anyone to evade sanctions, because the consequences of North Korea obtaining funding, technology, and information to further its desire to build nuclear weapons put the world at risk. It’s even more egregious that a U.S. citizen allegedly chose to aid our adversary.”
North Korea trying to evade sanctions
North Korea is reportedly in the early stages of developing a cryptocurrency to help the DPRK evade international sanctions and find a way around “the U.S.-dominated global financial system.”
Alejandro Cao de Benos, the official in charge of North Korea’s crypto conferences, said at the time that the digital currency will be similar to Bitcoin (BTC) but that they are still in the very early stages in the creation of the token and that there are “no plans to digitize the [North Korean] won for now.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks

Bitcoin Price Forecast: BTC is 20% down from its ATH, trading below $89,000
Bitcoin price hovers around $88,800 on Wednesday after reaching a low of $86,050 the previous day. US Bitcoin spot Exchange Traded Funds supported BTC's price correction, recording the highest single-day outflow of $937.90 on Tuesday.

Maker shows resilience amid crypto market decline
Maker price is extending its gains, trading around $1,680 on Wednesday after rallying almost 12% despite the overall crypto market correction so far this week. On-chain metrics paint a bullish picture as MKR’s daily active addresses, revenue collection and trading volume rise.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP crash after major consolidation
Bitcoin price hovers around $88,500 on Wednesday after breaking out of its prolonged consolidation phase and reaching a low of $86,050 earlier this week. Ethereum and Ripple followed BTC’s footsteps and declined by nearly 11% and 12%, respectively.

Strategy stock dips as Bitcoin price crashes below $90K, sparking concerns of forced liquidation
Strategy (formerly MicroStrategy) witnessed an 11% stock decline on Tuesday, stirred by Bitcoin's market's plunge below $90,000 and fueling speculations of a forced liquidation for the company.

Bitcoin: BTC demand and liquidity conditions remain weak
Bitcoin price has been consolidating between $94,000 and $100,000 since early February, hovering around $98,000 at the time of writing on Friday. Despite this consolidation, US Bitcoin spot ETFs data recorded a total net outflow of $489.60 million until Thursday, hinting signs of weakness among institutional investors.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.