American pleads guilty to laundering more than $ 300 million in Bitcoin

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An Ohio man pleaded guilty on Wednesday to laundering more than $ 300 million worth of bitcoin through his cryptocurrency service accessible on the Darknet.

Larry Dean Harmon, 38, admitted to orchestrating the operation through his bitcoin mixer, known as Helix. Helix allowed users, for a fee, to transfer bitcoin, while hiding their identity. (Photo: Pxfuel) Larry Dean Harmon, 38, admitted to orchestrating the operation through his bitcoin mixer, known as Helix. Helix allowed users, for a fee, to transfer bitcoin, while hiding their identity, according to the US Department of Justice.

Basically, Helix gave customers the means to conceal their illicit transactions from law enforcement. The service was accessed through a Darknet search engine known as Grams, also operated by Harmon.

Over 350,000 bitcoins have found their way into the Harmons mixer. The total valuation of these transactions is over $ 300 million.

Bitcoin is a very versatile payment method on the Darknet, which offers a wide range of illegal services. IRS Criminal Investigation Chief James C. Lee said these markets thrive in large part because of the infrastructure that supports them.

Ultimately, Harmon played a direct role in strengthening these markets, facilitating indirect support and helping criminals launder the money they received through illicit activity, according to Lee.

The investigation was conducted by the IRS-CI Cybercrime Unit and the FBI’s Washington Field Office, with assistance from several other US law enforcement agencies.

As part of his guilty plea, Harmon admitted to conspiring to launder bitcoins generated by people involved in drug trafficking and other illegal activities.

He also admitted to partnering with several Darknet marketplaces, in order to make Helix accessible to a wider range of customers looking to launder their money via bitcoin.

Harmons’ guilty plea results in the loss of more than 4,400 bitcoins, currently valued at over $ 200 million, as well as properties that served as the basis for its money laundering operations.

The award will take place at a later date. Harmon faces up to 20 years in prison and a fine of $ 500,000 or a fine of double the value of his confiscated property.

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