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This is the Hungarian National Record made in 2010 by Bodor Bálint (Rubik's Magic). It still hasn't been beaten! This is an old video, but I reedited it with slow motion.
A6d) The competitor must fully release the puzzle before stopping the timer. Penalty: 2 seconds.
Seem both 2.80 to me.
I never actually realized how many times this regulation must have been ignored for magic/master magic (probably since I've never cared about those events )