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Ethereum Developer Facing up to 20 Years in Prison Gets Top Lawyer 101
Source: iStock/jsmith

36-year old Ethereum (ETH) developer Virgil Griffith, who’s facing up to 20 years in prison for allegedly helping North Korea avoid sanctions, is now represented by Brian Klein, high-stakes trial attorney and partner at Los Angeles-Based law firm Baker Marquart.

Ethereum Developer Facing up to 20 Years in Prison Gets Top Lawyer 102
Brian Klein. Source: bakermarquart.com

“I now represent Virgil Griffith and am very pleased that today the judge found that he should be released from jail pending trial. We dispute the untested allegations in the criminal complaint, and Virgil looks forward to his day in court, when the full story can come out,” Klein shared the news on Twitter and Linkedin.

There is no next court date set yet, he told Cryptonews.com, confirming that he was hired by Griffith himself.

As reported, among those who call for Griffith’s release, urging people to join by signing a petition, is Ethereum’s co-founder and Griffith’s friend, Vitalik Buterin.

Klein is known for multiple cases where he represented major players in the crypto industry. Most recently, he represented Block.One, the developer of EOS (EOS), which was “excited to resolve [its] discussions” with the U.S. Securities and Exchanges Commission and pay a USD 24 million fee for conducting an unregistered initial coin offering (ICO) that raised USD 4 billion.

Other crypto related cases where Klein is/was involved:

  • He represents Arthur and Kathleen Breitman, as well as their company, in connection with securities class action lawsuits involving the Tezos (XTZ) crowdfunding, which raised over USD 230 million.
  • Successfully defended a digital currency trader in federal court in Colorado against an unlicensed money transmitter criminal charge, securing dismissal of the case before trial.
  • Represented Erik Voorhees, CEO of ShapeShift, one of the best known platforms offering peer-to-peer trading of digital assets, in his settlement with the SEC in an investigation.
  • Successfully defended a digital currency company in a state securities division investigation based out of the Midwest (no enforcement action was brought).
    Source: Baker Marquart

Meanwhile, among the clients of Baker Marquart, are prominent crypto-related companies such as Blockchain, one of the biggest wallet providers, Circle, the company behind USD Coin (USDC), the second largest stablecoin by market capitalization, and Protocol Labs, the company behind Filecoin, one of the top 5 ICOs of 2017.

“[Brian] also formerly volunteered as the outside general counsel and chair of the legal advocacy committee for the Bitcoin Foundation. <…> Chambers has recognized Brian as “the leading cryptocurrency trial attorney in the USA,” according to Baker Marquart.

Linas Kmieliauskas , 2019-12-03 10:00:32 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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