XRP has struggled to find sustained bullish momentum since reaching its cycle peak at $3.40 on Jan. 16, 2025. XRP (XRP) dropped as much as 46% over the past three months, but despite its recent drawdown, Glassnode data indicates that 81.6% of XRP’s current circulating supply remains in profit.

While the profit supply percentage is down from its year-to-date high of 92%, the data set highlighted the retention value for holders despite the recent corrections.

Percentage Supply in Profit for XRP, BTC, SOL ETH, TRX. Source: X.com

Currently, only Tron (TRX) has a higher profitable supply with 84.6%, while Bitcoin (BTC), Ether (ETH) and Solana (SOL) exhibited 76.8%, 44.9% and 31.6%, respectively.

Analyst says Korean XRP traders are bearish

Data shows traders in Korea played a significant role in buying the first XRP dip below $2 on Feb. 3. Investors on Upbit and Bybit exchange filled their bids below $2, pushing the altcoin’s value back to $2.89 on Feb. 13.

However, the sentiment has flipped over the past few days. Anonymous market analyst Dom pointed out that Korean traders executed 1.4 million trades on the XRP/KRW pair, with 62% being sell orders, resulting in a net sale of $120 million in XRP between April 6-7.

XRP selling on Korean markets. Source: X.com

The data follows a trend of heavy selling from long-term whales and new investors as “retail confidence” in XRP continues to slip. Last week, Cointelegraph reported over $1 billion in positions being offloaded at an average price of $2.10

Related: XRP price gains 13% after Trump 90-day tariff pause and XXRP ETF launch

XRP’s higher time frame (HTF) chart lost its $2 support, dropping to a new yearly low of $1.61 on April 7, but the altcoin managed to reclaim this critical level on April 9. Even if XRP holds the $2 level, the price reflects a bearish market structure on multiple time frames.

XRP 1-day chart. Source: Cointelegraph/TradingView

As illustrated in the chart, XRP will potentially close a daily candle below its 200-day moving average (orange line), leading to a prolonged correction period over the next few weeks. The key demand zone remains between $1.63 and $1.27 (blue box), where a period of accumulation might unfold for the altcoin.

Related: Ripple acquires crypto-friendly prime broker Hidden Road for $1.25B

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Institutional crypto investment firm Bitwise has doubled down on its big Bitcoin price prediction for this year despite escalating global trade tensions.

“In December, Bitwise predicted that Bitcoin would end the year at $200,000. I still think that’s in play,” Bitwise chief investment officer Matt Hougan said in an April 9 blog post. 

He suggested that the fallout from US President Donald Trump’s global tariff push could be beneficial for Bitcoin (BTC) and crypto because his administration “wants a weaker dollar, even if it means ending its role as the world’s reserve currency.”

Hougan cited an April 7 speech by Steve Miran, chairman of the White House Council of Economic Advisers, which criticized the dollar’s reserve status as causing “persistent currency distortions” and “unsustainable trade deficits” that have “decimated” US manufacturing.

Hougan said a weaker greenback could have both short-term and long-term implications for Bitcoin. 

In the short term, dollar weakness historically correlates with Bitcoin strength, he added, citing the US Dollar Index (DXY). 

“Dollar down equals Bitcoin up,” Hougan said. “I expect this pattern will continue.”

BTC prices have generally been historically high when DXY has been historically low. Source: MacroMicro 

The DXY, which compares the value of the US dollar to a basket of six major currencies, has fallen more than 7% since the beginning of 2025, according to TradingView. 

In the long term, Hougan said disruption to the global reserve currency system creates opportunities for alternative reserve assets, including Bitcoin and gold. 

“Governments and companies turn to the dollar for international trade precisely because of its stability. When that stability comes into question, they have to look elsewhere.”

The Bitwise executive concluded that the world will move from a single reserve currency to a “more fractured reserve system, with hard money like Bitcoin and gold playing a bigger role than it does today.”

Earlier this week, VanEck said that China and Russia were reportedly settling some energy trades in Bitcoin as Trump’s trade war ramps up.

On April 9, Trump issued a 90-day pause on nearly all of his earlier announced “reciprocal tariffs,” keeping a baseline 10% tariff on all countries besides China, which he lumped with a 125% tariff.

Bitcoin will be the fastest horse 

Crypto trader and analyst Will Clemente said on X that “Bitcoin will be the fastest horse” coming out of this drawdown. 

Related: Most opportune time to buy Bitcoin? Now — Bitwise CIO Matt Hougan explains why

“It’s a pure reflection of liquidity and no earnings, if anything, economic uncertainty/deglobalization are positive for Bitcoin,” he added. 

BTC is up 7.5% over the past 24 hours to $81,700. It has seen a correction of around 32% from its Jan. 20 all-time high, in line with pullbacks in previous bull market cycles.

Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame

Ether’s (ETH) most recent sell-off saw it lose the crucial $1,500 support level, and a number of technical indicators suggest that ETH may witness a deeper correction before embarking on a sustained recovery.

Data shows Ether’s price dropped below its realized price — an onchain metric that recalculates the market value of a cryptocurrency based on the price at which each coin last moved on the blockchain.

According to CryptoQuant contributor, theKriptolik, ETH price trading below this metric, which is historically a bearish sign. When the realized price is above the spot price, it usually acts as resistance and places “most holders suddenly in a loss position,” the analyst said.

The analyst added:

“Drops below the realized price often mark the capitulation phase, where investors lose confidence and begin selling en masse.”

Ethereum realized price for accumulation addresses. Source: CryptoQuant

In June 2022, Ether’s realized price fell below the spot price, preceding a 51% drop in ETH price following the Terra Luna market crash. A similar scenario was witnessed in November 2022, when the metric fell below the price before Ether dropped 35% following the FTX collapse. 

Now that a similar scenario is playing out, the current setup loosely echoes those prior bearish continuation phases, with ETH price at risk of a deeper correction. 

Spot Ethereum ETF flows remain weak

Spot Ethereum ETFs continue to weaken, with more than $3.3 million in net outflows on April 8. In fact, these investment products have recorded $94.1 million in outflows over the last two weeks against $13 million in inflows.

The lack of investor interest is concerning, especially since institutional demand was considered a key part of Ether’s appeal and played a role in the gains accrued in May 2024 as investors bet on an ETF approval from the US Securities and Exchange Commission.

Spot Ether ETF flows table. Source: Farside Investors

This is also reflected across all other Ether products, with the report from CoinShares pointing out that flows into Ethereum investment funds align with the bearishness seen across the market, with $37.4 million outflows recorded during the week ending April 4.

ETH open interest is low, and funding rates are negative

Another factor weighing Ether’s price down is the lack of enthusiasm in its derivatives market, evidenced by low open interest and negative funding rates. 

Open interest (OI)—the total number of outstanding futures and options contracts—remains low, indicating reduced trader participation and speculative activity. Currently, at $16.7 billion, the metric is 48% below its peak of $32.3 billion witnessed on Jan. 24.

Declining OI signals waning investor confidence or interest, which can exacerbate the price decline as buying pressure dries up.

ETH open interest across all exchanges. Source: CoinGlass

Compounding this issue are negative funding rates in Ether’s perpetual futures markets, which are hovering below 0%, indicating that bearish sentiment dominates the market.

Related: Ethereum whale sells ETH after 900 days, missing $27M possible peak profitWhen rates turn negative, it means shorts (bets against the price) are paying longs to keep their positions open, suggesting a dominance of bearish sentiment. 

ETH funding rates across all exchanges. Source: Glassnode

Competing layer-1 blockchains outpace Ethereum network activity

Ethereum’s high gas fees offer an opportunity for competing layer-1 blockchains focusing on high scalability to eat into its market share in the space. While a fraction of the activity has moved to Ethereum layer-2 solutions, some users and developers opt for other top layer-1 alternatives such as the BNB Chain, Solana, Avalanche and Tron.

As a result, Ethereum’s network activity growth has fallen behind that of its rivals. 

Top blockchains ranked by 24-hour DApps volume, USD. Source: DappRadar

Ethereum’s unique active wallets (UAW) — addresses engaging with decentralized applications (DApps) on the platform — declined by over 33% over the last 30 days compared to just a 16% decrease on Solana and a 16% increase on Tron.

Similarly, the total number of transactions deployed on the Ethereum network dropped by 40.5% during the same period, while transactions on the BNB Chain, Solana and Avalanche decreased by 16%, 30% and 23%, respectively. Transactions on Tron and Fantom increased by 23% and 16%.

There’s no indication that the factors weighing on Ether’s price — such as declining network activity and low demand for its spot ETF products — will reverse anytime soon. 

While this doesn’t guarantee that Ether’s price will remain in an extended downtrend, the technical setup suggests that ETH’s price may bottom at $1,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Solana non-fungible token (NFT) marketplace Magic Eden has acquired crypto trading app Slingshot as part of a strategy to expand beyond NFTs as other marketplaces fold amid a prolonged market downturn.

The move expands Magic Eden’s support to more than 8 million tokens across almost every major blockchain, the firm said in an April 9 X post.

“No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains,” Magic Eden said.

Source: Jack Lu

Slingshot has amassed nearly 1 million users to date, allowing users to access any token on 10 of the largest blockchains with a universal USDC (USDC) balance.

Slingshot is one of several crypto platforms aiming to deliver full-chain abstraction — eliminating the need for users to choose the right wallet, ensure they have enough gas fees, find a trusted bridge and move funds — only then to buy the token they’re after.

Magic Eden CEO Jack Lu hopes the integration will help shift more of the 500 million users still relying on centralized exchanges toward more crypto-native, onchain platforms.

NFT marketplaces shutter as market lulls

Lu said that Magic Eden and Slingshot and Magic Eden will continue to operate independently but noted there will be “increasing connectivity” between the platforms over time.

Lu also noted that Magic Eden made $75 million from its NFT marketplace in 2024 and hopes the Slingshot acquisition will help drive those numbers up even higher.

Related: Bitcoin NFTs, layer-2 and restaking hype ‘completely gone’

Magic Eden’s expansion comes as several NFT marketplaces have shuttered in recent months.

DraftKings, GameStop and the crypto exchange Bybit all closed their NFT marketplaces, with Bybit citing falling NFT trading volumes in its April 8 announcement.

X2Y2 also recently announced that its NFT marketplace would shut down on April 30 as the firm looks to pivot into artificial intelligence.

NFT marketplaces have seen $1.6 billion worth of NFT sales across 14 million transactions so far in 2025, CryptoSlam data shows.

However, monthly sales volume has fallen every single month in 2025, and the $1.6 billion is nowhere near on track to match the $8.9 billion total from 2024, let alone the record $23.7 billion seen in 2022.

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

Braden John Karony, the CEO of crypto firm SafeMoon, has cited the US Department of Justice’s directive to no longer pursue some crypto charges in an effort to get the case against him and his firm dismissed. 

In an April 9 letter to New York federal court judge Eric Komitee, Karony’s attorney, Nicholas Smith, said the court should consider an April 7 memo from US Deputy Attorney General Todd Blanche that disbanded the DOJ’s crypto unit.

“The Department of Justice is not a digital assets regulator,” Blanche said in the memo, which added the DOJ “will no longer pursue litigation or enforcement actions that have the effect of superimposing regulatory frameworks on digital assets.”

Blanche also directed prosecutors not to charge violations of securities and commodities laws when the case would require the DOJ to determine if a digital asset is a security or commodity when charges such as wire fraud are available.

An excerpt of the letter Karony sent to Judge Komitee. Source: PACER

In the footnote of the letter, Karony’s counsel wrote an exemption to the DOJ’s new directive would be if the parties have an interest in defending that a crypto asset is a security, but added that “Karony does not have such an interest.”

The Justice Department and the Securities and Exchange Commission filed simultaneous charges of securities violations, wire fraud, and money laundering against Karony and other SafeMoon executives in November 2023.

The government alleged Karony, SafeMoon creator Kyle Nagy and chief technology officer Thomas Smith withdrew assets worth $200 million from the project and misappropriated investor funds. 

Another attempt to nix the case

The letter is Karony’s latest attempt to get the case thrown out. In February, he asked that his trial, scheduled to begin on March 31, be delayed as he argued President Donald Trump’s proposed crypto policies could potentially affect the case.

Related: OKX pleads guilty, pays $505M to settle DOJ charges

Later in February, Smith changed his plea to guilty and said he took part in the alleged $200 million crypto fraud scheme. Nagy is at large and is believed to be in Russia.

SafeMoon filed for bankruptcy in December 2023, a month after it was hit with twin cases from the SEC and DOJ. It was also hacked in March 2023, with the hacker agreeing to return 80% of the funds.

Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame

Bitcoin inflows into crypto exchange Binance have surged over the past two weeks amid uncertainty over US President Donald Trump’s tariffs and the upcoming US Consumer Price Index (CPI) results, says an analyst.

However, another analyst argued that while it could signal an impending sell-off, it might also indicate a bullish trend.

Investors are “actively moving funds to Binance”

CryptoQuant contributor Maarten Regterschot said in an April 9 post that Binance’s Bitcoin (BTC) reserve increased by 22,106 BTC, worth $1.82 billion, over the last 12 days to a total of 590,874 BTC.

“This shows a strong acceleration in BTC inflows to Binance. It’s likely that investors are actively moving funds to Binance due to the macro uncertainty and before the upcoming CPI announcement,” Regterschot said. 

CoinMarketCap shows Bitcoin is trading at $82,474 at the time of publication, up 8.8% in the past day after receiving a boost from Trump’s 90-day tariff pause on all countries but China.

Binance’s Bitcoin Reserve has 590,874 Bitcoin. Source: CryptoQuant

The US Bureau of Labor Statistics is scheduled to deliver the CPI results for March on April 10.

During uncertain times, traders often move their crypto onto exchanges to sell, leading to more volatility as confidence starts to decline.

However, Swyftx lead analyst Pav Hundal told Cointelegraph that this isn’t always a bearish signal. “Large inflows could be a sign of selling, but it is a very fluid market. It is plausible that Binance is shifting assets into its hot wallets to meet heavy demand.”

“The next few days are critical in understanding the appetite of the market for crypto after Trump’s climbdown on tariffs,” he said.

Earlier on April 9, Trump issued a 90-day pause on his administration’s “reciprocal tariffs,” lowering the tariff rate to 10% on all countries besides China, which he ramped up to 125%, citing the country’s counter-tariffs against the US.

“Tensions between the US and China remain a structural overhang,” Hundal said. 

Related: Bitcoin price at risk of new 5-month low near $71K if tariff war and stock market tumult continues

Meanwhile, crypto analyst Matthew Hyland said that the March CPI results “will show inflation is crashing down probably close to 2.5%.”

“Another interesting day coming,” he added. 

Crypto analyst Dyme said, “Lower than expected CPI print will send us higher.”

However, FactSet’s consensus estimates show economists expect consumer prices to have risen by 0.1% month-over-month in March. 

On March 12, the CPI came in lower than expected at 3.1%, beating expectations of 3.2%, with a corresponding 0.1% drop in headline inflation figures.

Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ukraine’s financial regulator has proposed taxing certain crypto transactions as personal income at a rate of up to 23% but excluding crypto-to-crypto transactions and stablecoins.  

Crypto transactions would be taxed at 18% with a 5% military levy on top as part of the proposed framework, released on April 8 by Ukraine’s National Securities and Stock Market Commission. 

NSSMC Chairman Ruslan Magomedov said in an April 8 statement that “the issue of crypto taxes is not a hypothesis, but a reality that is fast approaching.” 

He added that the agency created the framework to help lawmakers make an “informed resolution” by considering each suggestion’s advantages and disadvantages because “these aspects can have a critical impact on the market and tax liability.”

Under the NSSMC’s proposed crypto framework, a tax will be applied when crypto is cashed out for fiat currency or exchanged for goods or services. 

Crypto-to-crypto transactions wouldn’t be taxed, bringing Ukraine in line with other European countries, including Austria and France, as well as crypto-friendly jurisdictions like Singapore, the NSSMC said. 

The regulator says it “makes sense” to exclude stablecoins backed by foreign currencies or only apply a 5% or 9% tax because Ukraine’s tax code already excludes income from transactions in “foreign exchange values.” 

A translated excerpt of the NSSMC’s report said stablecoins backed by foreign currencies could be exempt from taxation. Source: NSSMC

Mining, staking, hard forks and airdrops 

Other crypto-related activities, such as mining, staking and airdrops, are also addressed in the framework which floated a few options for taxation. 

The NSSMC said crypto mining is generally considered a business activity, but there might be a general tax-free limit for certain crypto transactions, including mining. 

Under the framework, staking could be considered as “business captive income” or only taxed if the crypto is cashed out for fiat currencies. While hard forks and airdrops could be taxed either as ordinary income or when the tokens are cashed. 

Related: Ukraine officials get training on crypto and virtual assets investigation

The regulator suggests a tax-free threshold could help “relieve the burden on small investors” and is common in other jurisdictions. 

Exemptions for donations, transfers between family members, and holders who keep their crypto for a set amount of time are also flagged as possibilities. However, the NSSMC says the exemption might not apply to non-custodial crypto wallets. 

Last December, Daniil Getmantsev, head of the tax committee of Ukraine’s parliament, said a draft bill to legalize cryptocurrencies was under review and expected to be finalized early this year. 

Ukrainian President Volodymyr Zelenskyy first signed a law establishing a legal framework for the country to operate a regulated crypto market in March 2022. 

Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express

Digital asset manager 21Shares has filed with the US Securities and Exchange Commission to launch a spot Dogecoin exchange-traded fund, following similar filings from rivals Bitwise and Grayscale.

The 21Shares Dogecoin ETF would seek to track the price of the memecoin Dogecoin (DOGE), according to the firm’s April 9 Form S-1 registration statement. The Dogecoin Foundation’s corporate arm, House of Doge, plans to assist 21Shares with marketing the fund.

21Shares said Coinbase Custody would be the proposed custodian of its Dogecoin ETF but did not specify a fee, ticker or what stock exchange it would list on.

Source: James Seyffart

21Shares must also file a 19b-4 filing with the SEC to kickstart the regulator’s approval process for the fund. 

DOGE currently has a $24.2 billion market cap and is the eighth-largest cryptocurrency by value. It was created in 2013 as a joke and is a fork of Lucky Coin, which itself is a fork of Bitcoin.

21Shares’ proposed Dogecoin ETF is the company’s latest effort to expand its spot crypto ETF offerings, which currently includes only a spot Bitcoin (BTC) and Ether (ETH) fund.

The issuer also filed with the SEC in February to launch a spot Polkadot (DOT) ETF and last year, it filed to create a spot XRP (XRP) ETF.

Related: Dogecoin millionaires are buying dips as DOGE price eyes 30% rally

The recent surge in crypto ETF filings reflects a “spaghetti cannon approach” from issuers testing which products the new SEC leadership might approve, Bloomberg ETF analyst James Seyffart said in February.

“Issuers will try to launch many many different things and see what sticks,” Seyffart said.

Seyffart and fellow Bloomberg ETF analyst Eric Balchunas said in February that there is a 75% chance that the SEC will approve a spot Dogecoin ETF this year, while the betting platform Polymarket currently gives approval odds of 64%.

21Shares and House of Doge partner for DOGE funds in Switzerland

21Shares also said on April 9 that it partnered with House of Doge to launch a fully backed Dogecoin exchange-traded product on Switzerland’s SIX Swiss Exchange.

The 21Shares Dogecoin product will trade under the ticker “DOGE” with a 2.5% fee.

21Shares president Duncan Moir said that Dogecoin “has become more than a cryptocurrency: it represents a cultural and financial movement that continues to drive mainstream adoption, and DOGE offers investors a regulated avenue to be part of this exciting project.”

Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

Update April 10 at 1:41 am UTC: This article has been updated to include background on Paul Atkins and to correct the vote count.

The US Senate has confirmed US President Donald Trump’s nominee, Paul Atkins, as chair of the Securities and Exchange Commission in a 52-44 vote largely along party lines.

Atkins’ confirmation on April 9 comes after Trump named the pro-crypto former Wall Street consultant to lead the agency late last year. Atkins also served as an SEC commissioner between 2002 and 2008, during the global financial crisis.

”A veteran of our Commission, we look forward to him joining with us, along with our dedicated staff, to fulfill our mission on behalf of the investing public,” the agency’s commissioners wrote in an April 9 statement.

Atkins founded financial consulting firm Patomak Global Partners in 2009, specializing in regulatory compliance and risk management, and served as co-chair of crypto advocacy group Token Alliance between 2017 and late 2024.

After he’s sworn in, Atkins will take over from Mark Uyeda, who has been the SEC’s acting chair since Jan. 20, after former chair Gary Gensler stepped down. Gensler’s tenure saw the SEC launch multiple lawsuits and investigations against crypto firms over alleged breaches of securities laws.

Source: Cynthia Lummis

Senate Banking Committee Chairman Tim Scott expressed confidence that Atkins would continue the SEC’s crypto-friendly approach that it has taken under the Trump administration.

“Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish, and ensuring we remain competitive on the global stage.”

Under Trump, the SEC created a Crypto Task Force to consult with the industry on regulation and dropped several crypto-related investigations and enforcement actions undertaken by the Gensler-led SEC.

Atkins is expected to take a different approach, telling a Senate confirmation hearing in March that a top priority of his at the SEC would be “to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”

Atkins’ confirmation delayed by disclosures

Atkins’ confirmation was reportedly delayed due to several financial disclosures he needed to file as a result of marrying into a billionaire family.

Related: No crypto project has registered with the SEC and ‘lived to tell the tale’ — House committee hearing

He married Sarah Humphreys Atkins in 1990 — whose family is tied to TAMKO Building Products LLC, a manufacturer of residential roofing shingles that turned over $1.2 billion in revenue in 2023, Forbes reported in December. The couple have a reported combined net worth of at least $327 million.

Some of those financial disclosures revealed that Atkins owned up to $6 million worth of crypto-related investments, including crypto custody platform Anchorage Digital and blockchain tokenization platform Securitize, Fortune reported last month.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Ethereum researcher Virgil Griffith was released from prison custody on April 9, the Bureau of Prison (BOP) officials confirmed to Cointelegraph.

According to crypto developer Brantly Millegan, Griffith will remain in a halfway house for several weeks while waiting to complete the next steps in his parole process.

Griffith was arrested in 2019 for giving a lecture about blockchain technology and its power to circumvent US sanctions to an audience in North Korea.

Virgil Griffith, pictured center, with his parents immediately following his release from prison on April 9. Source: Brantly Millegan

The US government claimed the researcher violated the International Emergency Economic Powers Act (IEEPA) by giving North Korea “highly technical information” despite the content of the lecture being widely available knowledge published on the internet.

Griffith’s case highlights the tension between blockchain developers and state powers as the nascent technology continues to create avenues for individuals and countries to escape financial controls, censorship, and surveillance.

Related: Crypto urges Congress to change DOJ rule used against Tornado Cash devs

Virgil Griffith’s legal battle against US prosecutors

In January 2020, a US grand jury indicted Griffith with conspiracy to violate the IEEPA, which gives the Executive Branch of government the power to restrict economic activity between US citizens and foreign powers deemed to be adversarial to the United States.

Griffith initially pleaded not guilty to the charges. The software developer’s attorneys filed a motion to dismiss the case in October 2020, arguing that Griffith did not violate the law by presenting what was already widely available public knowledge.

Griffith on a crypto-focused lecture in 2019 to a North Korean audience. Source: Cointelegraph/United States Department of Justice.

Following a lengthy legal battle, which took nearly two years, Griffith pleaded guilty to violating sanctions laws as part of a plea deal with the US government in September 2021.

The Ethereum researcher was sentenced to 63 months in prison and ordered to pay a $100,000 fine by the court in April 2022. However, the legal battle did not end there.

Two years later, in April 2024, the researcher’s attorneys submitted a motion to reduce the prison sentence, which US prosecutors opposed, citing Griffith’s actions as harmful to national security.

Despite the pushback from the prosecutors, New York Judge Kevin Castel issued a ruling in July 2024 reducing Griffth’s prison sentence to 56 months.

Magazine: The FBI’s takedown of Virgil Griffith for breaking sanctions, firsthand