New York Judge Sets $1 Million Bail for Ethereum Co-Founder

His bail was denied in a hearing last week.

Virgil Griffith, a co-founder of Ethereum, on Monday, was granted conditional bail by a judge at the US District Court in New York.

Reported by the Inner City Press, the bail was set to $1 million, secured by the homes of his father and sister.

Discover iFX EXPO Asia 2020 in Macao – The Largest Financial B2B Expo

Violating the United States’ sanctions

Griffith was arrested on Thanksgiving day, and the prosecutors brought charges against him for traveling to North Korea and teaching how to dodge sanctions using digital currencies in a conference organized by the government in Pyongyang. He was arrested for violating the International Emergency Economic Powers Act (IEEPA).

His first appeal to the court for bail was denied on December 26, however, on Monday, Judge Vernon S. Broderick granted the bail under several pre-release conditions.

In the latest bail hearing, the prosecutors pushed the judge not to grant bail due to Griffith being a flight risk. They also cited Griffith’s intention of renouncing US citizenship and purchasing a passport of St. Kitties and Nevas.

Despite the arguments, the judge ordered him to remain in his father’s house in Alabama and also permitted him to use his passport card. He also allowed Griffith access to email despite resistance from the prosecutors.

The district judge, however, barred him from entering the state of California.

Despite the granting of bail, it is still not clear when he will be released from custody, given the pre-release procedures.

Griffith arrest created a controversy in the crypto arena; however, many well-known figures, including Vitalik Buterin, supported his release.

Got a news tip? Let Us Know