Ohio Man Caught For Laundering Bitcoin Worth $300 Million

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An Ohio resident has been arrested by the United States authorities for running a "Bitcoin mixer" service on the dark web which was helping the criminals for impersonating the Bitcoin transactions. Larry Harmon is a 36-old man who is caught for three-count indictment in Akron, Ohio. He was operating Helix which is an online website located on the dark web.

Ohio Man Caught For Laundering Bitcoin Worth $300 Million

 

The bitcoin blockchain is a public database which is open for everyone to purchase and invest in Bitcoin. It has been noticed that in many cases the transaction for new funds by the users are getting linked to a credit card, bank account, or Paypal account.

Helix works like a Bitcoin mixer, it is a type of service which collects funds from users and split them into minor portions and send them to a new Bitcoin address using thousands of transactions. This service helps users to hide the original funds.

"The sole purpose of Harmon's operation was to conceal criminal transactions from law enforcement on the Darknet, and because of our growing expertise in this area, he could not make good on that promise," Don Fort, Chief, IRS Criminal Investigation, said today in a DOJ press release.

According to the reports, Harmon was indulged in running Helix as a secondary project which was attached to his primary service called Grams. It is a search engine which collects and delivers information about numbers of drugs-related marketplaces available on the dark web.

On Grams, users can search for a drug and find the cheapest one in their area and Helix was working as a way of transaction which was helping users to hide their identity while buying the products.

According to the reports, Harmon was operating Helix since 2014 during these years he had launder more bitcoin of worth $300 million at the time of the transaction, and now it has a net value of $3.5 billion.

Source

 
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