Cybercriminal Pleads Guilty To Laundering Over $ 300 Million In Bitcoin! – Technology

[ad_1]

United States: Cybercriminal Pleads Guilty to Laundering Over $ 300 Million in Bitcoin!

25 August 2021

Foley & Lardner

To print this article, simply register or connect to Mondaq.com.

The Justice Department reported that Larry Dean Harmon (38, Akron, Ohio) “has accepted the confiscation of over 4,400 bitcoins, valued at over $ 200 million at today’s prices, and other foreclosed properties that were involved in the money laundering conspiracy. Harmon will be sentenced on a date to be determined and face a maximum sentence of 20 years in prison, a fine of $ 500,000 or double the value of the property subject to the transaction, a supervised release sentence of up to three years, and mandatory restitution. The report of August 18, 2021 entitled “Ohio Resident Pleads Guilty to Operating Darknet-Based Bitcoin ‘Mixer’ That Laundered Over 300 Millions Included these comments on the court documents, which Harmon:

. admitted that he mined Helix from 2014 to 2017. Helix functioned as a bitcoin “mixer” or “goblet”, allowing customers, for a fee, to send bitcoin to designated recipients in a designed manner to disguise the source or owner of the bitcoin.

Helix was related and associated with “Grams”, a Darknet search engine also operated by Harmon.

Harmon announced Helix to customers on the Darknet to conceal transactions from law enforcement.

We will surely see more Darknet crimes in the future, and glad Harmon got caught!

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR POSTS ON: US Technology

New York tackles cybersecurity compliance

Wilson Elser Moskowitz Edelman & Dicker LLP

In 2021, the New York Department of Financial Services (NYDFS) is targeting companies that fail to comply with the cybersecurity regulations set out in 23 NYCRR Part 500 …

FINRA warns companies against outsourcing

Cadwalader, Wickersham & Taft LLP

FINRA reminded companies of their obligation to maintain a sufficient monitoring system for activities subcontracted to third-party suppliers.

Regulation in the case of Fintech Plaid data

Proskauer Rose LLP

On August 5, 2021, a proposed class action settlement was reached in the closely watched privacy action against fintech services company Plaid Inc.

Crypto, meet ESG; ESG, meet crypto

Katten Muchin Rosenman LLP

The blockchain technology that powers cryptocurrency arose from an obscure white paper, published anonymously as Satoshi Nakamoto in 2008 …

[ad_2]