American Arrested for Presenting Crypto in DPRK
United States prosecutors revealed the arrest of American citizen Virgil Griffith on November 30. He allegedly went to the Democratic People’s Republic of Korea (DPRK). After that, Griffith showed a presentation on how to use cryptocurrencies and blockchain technology to circumvent sanctions.
In the announcement on November 29, they arrested the 36-year-old American Griffith at the Los Angeles International Airport. Then, they will charge him with conspiring to break the International Emergency Economic Powers Act (IEEPA). The charges have a maximum term of 20 years in Prison.
Aside from that, Geoffrey S. Berman explained, “As alleged, Virgil Griffith provided highly technical information to North Korea.” Moreover, he did this knowing that this detail could be used to help North Korea launder money and evade sanctions.
Berman also added that in allegedly doing so, the American citizen endangered the sanctions that both Congress and the president have enacted. This is to put maximum pressure on North Korea’s threatening regime.
Moreover, the IEEPA bans any American citizen from exporting any goods, services, or technology to the DPRK. But those who have a license from the Department of the Treasury, Office of Foreign Assets Control may do so.
The Macro Bear Cycle of Bitcoin
Meanwhile, the Bitcoin (BTC) price seems bearish to several people. But the leading digital asset has some bullish indicators. And this is hinting towards an imminent recovery.
Since the start of November, the daily chart has been bearish. It made a lot of attempts to break $9,500. And this failed to materialize. After that, there were the three and a half weeks of pain as Bitcoin plummeted to as low as $6,500 on November 25.
Now, the good thing is that Bitcoin seems to recover from its new floor and immediately gained over $1,300 from its low. As a result, it changed the trend on the daily chart from bearish to bullish.