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The founder of Helix, a Bitcoin mixing service, is accused of assisting criminals with the movement of around 350,000 BTC. Larry Dean Harmon plead guilty this week to laundering more than $300,000 million worth of BTC from 2014 to 2017.
The 38-year-old is facing up to 20 years in prison.
From CoinTelegraph:
- Bitcoin mixers are used to help people anonymize their Bitcoin.
- In the past, this has helped people cover their tracks on the Bitcoin ledger since all transactions are recorded and immutable on the blockchain. This has made Bitcoin the go-to place for criminals
- Harmon admitted in court that he knew that users mixed proceeds that were generated through drug trafficking and other various illegal activities.
- He also wittingly partnered with darknet markets to provide the money laundering services to their users.
Assistant Director in Charge Steven M. D’Antuono of the FBI’s Washington Field Office warned criminals that using digital currencies doesn’t protect them from the long arm of the law.
“Harmon admitted that he conspired with Darknet vendors to launder bitcoin generated through drug trafficking and other illegal activities. Today’s guilty plea demonstrates the FBI’s commitment to infiltrate and shut down the cryptocurrency money-laundering networks that support cyber-criminal enterprises,” D’Antuono said.
Sentencing will be scheduled for a later date.
- Nagesh Rath, Gambling911.com
