An Ohio-based darknet Cryptocurrency mixer operator has been sentenced to three years in prison after being found guilty of laundering more than $300 million in Bitcoin (CRYPTO: BTC).
What happens with the cryptocurrency mixer
According to the United States Department of Justice, Larry Dean Harmon41, was the mastermind behind Helix, a darknet mixer that played a crucial role in laundering its clients’ Bitcoins between 2014 and 2017. The platform became the preferred choice for online drug traffickers who sought to hide the trail of their illegal profits.
The service processed around 354,468 Bitcoin, which is equivalent to around $311.14 million at the time of transactions and over $32.52 billion at current exchange rates.
On August 18, 2021, Harmon admitted to conspiring to commit the crime of money laundering. In addition to his prison sentence, Harmon was sentenced to three years of probation and ordered to forfeit more than $400 million in seized cryptocurrency, real estate, and other monetary assets.
Why is it important
This case is part of a broader campaign against cryptocurrency mixers on the darknet in recent years.
In 2022, Tornado Cash, probably the most popular cryptocurrency mixer of all, was censored by the Treasury Department, making it an illegal tool for American citizens, residents, and businesses to use.
The founders of Tornado Cash, Roman Storm and Roman Semenov They were accused in 2023 of running a cryptocurrency mixer that laundered more than $1 billion, including funds from the notorious North Korean cybercriminal group. Lazarus Group.
The darknet has been a hotbed of illicit activity, and cryptocurrencies have often been used as a means to carry out transactions. In a similar case, Ross Ulbricht the creator of the illegal online drug market Silk Road, has been serving a double life sentence since 2013.
Ulbricht hopes to be pardoned by the president-elect Donald Trump, who promised to commute Ulbricht’s sentence if he came to power.
This content was produced in part with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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