A United States resident has been sentenced to three years in prison for running a Bitcoin mixing service that oversaw the laundering of over $300 million.
A United States resident has been sentenced to three years in prison for running a Bitcoin mixing service that oversaw the laundering of over $300 million.Larry Harmon, an Ohio resident ran a darknet service known as Helix. His operation makes it difficult to trace the origin of Bitcoin transactions hence a perfect tool for money launderers looking to clean money.
The US Department of Justice also noted that Larry’s platform allows funds to move undetected, which is handy for bad actors in the industry.
The Helix operation was active from 2014 to 2017. It benefitted from Larry’s partnership with major dark web platforms like Alpha Bay to process illegal transactions including drug sales, stolen data, and counterfeit goods.
Also entangled in the case is Larry Harmon’s brother Gary. After Larry’s arrest authorities discovered his brother, Gary Harmon, used stolen credentials to recover Bitcoin stored in an IRS evidence locker, per Bloomberg.
Gary was arrested and sentenced to four years in prison for accessing and spending part of the seized cryptocurrency on luxury itemsWhat to Know
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