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Former Ethereum developer Virgil Griffith sentenced to 63 months

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A former Ethereum developer Virgil Griffith has been formally sentenced to 63 months in prison and fined $100,000 for his ties to North Korea

The programmer was found guilty of helping North Koreans use cryptocurrencies to evade sanctions.

Late last year, Griffith pleaded guilty to one count of conspiracy to violate international sanctions against the country.

He was arrested in November 2019 after appearing at a cryptocurrency conference in the country’s capital of Pyongyang.

Such crimes normally receive jail times of up to 20 years but the developer’s plea deal helped to lower the sentence to a range of 63 to 78 months.

Griffith has already been in custody for about two years but was released on bail for 14 of those months.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Crypto

Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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Crypto

Ethereum to finally undergo shift to new energy model

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Ethereum is about to undergo its long awaited makeover, which will see the company shift from its energy intensive model.

The crypto has been working to shift from its proof-of-work method to a proof-of-stake model, which requires far less power than mining.

Crypto currencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.

The transition has been repeatedly pushed back because of major flaws.

But developers reportedly say the latest test run was very smooth.

The price of Ethereum has lost nearly half its value this year and is trading at just over $1,800 USD.

Investors will continue to keep an eye out on what will come out of this upgrade.

Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.

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Business

Luxury watchmaker accepts bitcoin for limited edition collection

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They say cash is king and some call crypto a waste of time, but one company is proving to customers, that its not an old-timer

Luxury watchmaker Hublot is accepting bitcoin as payment for a limited-edition watch collection.

While the release begins with this limited-edition collection, the addition of bitcoin to the platform will not be going away for the United States eBoutique

Hublot partnered with BitPay to accept bitcoin and will continue to accept bitcoin through this outlet.

In order to secure one of the watches from this collection, customers will be paying just over 21 thousand or slightly more than the current price of 1 bitcoin.

The Swiss-based company joins other high end brands like Gucci and Balenciaga in accepting bitcoin as legitimate payment.

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