{"id":469652,"date":"2021-08-19T10:41:05","date_gmt":"2021-08-19T10:41:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=469652"},"modified":"2024-06-11T13:57:51","modified_gmt":"2024-06-11T13:57:51","slug":"helix-bitcoin-mixer-pleads-guilty","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/helix-bitcoin-mixer-pleads-guilty\/","title":{"rendered":"The Man Behind Helix, A Bitcoin Mixer, Pleads Guilty To Laundering Over $300M"},"content":{"rendered":"
Bitcoin is not a useful tool for money launderers and here\u2019s proof. 38-years-old Larry Dean Harmon admitted to being the operator of Helix, a Bitcoin Mixer service that operated on the Darknet. According to<\/span> the US Department of Justice<\/span><\/a>, \u201c<\/span>Harmon advertised Helix to customers on the Darknet to conceal transactions from law enforcement<\/span><\/i>.\u201d What was this man thinking?\u00a0<\/span><\/p>\n Related Reading | DIY Bitcoin ATM Money Launderer Pleads Guilty<\/a><\/strong><\/em><\/p>\n The press release continues:<\/span><\/p>\n Harmon admitted that Helix partnered with several Darknet markets, including AlphaBay, Evolution, Cloud 9 and others, to provide bitcoin money laundering services for market customers. In total, Helix moved over 350,000 bitcoin \u2013 valued at over $300 million at the time of the transactions \u2013 on behalf of customers, with the largest volume coming from Darknet markets. Harmon further admitted that he conspired with Darknet vendors and marketplace administrators to launder such bitcoins generated through illegal drug trafficking offenses on those Darknet marketplaces.<\/span><\/p><\/blockquote>\n The blockchain sees it all and registers every transaction forever. A mixer, also known as a tumbler, is a service that seeks to anonymize transactions. They pool together funds from several parties, mix them up, and serve supposedly clean coins to everyone involved. At the very least, the coins can\u2019t be traced to a specific address. For that, they charge a fee.<\/span><\/p>\n <\/p>\n Betraying everything that\u2019s sacred, Larry Dean Harmon\u2019s defense was that he wasn\u2019t guilty because Bitcoin is not money. The law went on the record and confirmed what Bitcoiners have been saying for years, <\/span>the Washington Post reports<\/span><\/a>:\u00a0<\/span><\/p>\n A line of reasoning rejected by Chief U.S. District Judge Beryl A. Howell.\u201c \u2018Money,\u2019 \u201d she wrote, \u201ccommonly means a medium of exchange, method of payment, or store of value. Bitcoin is these things.\u201d<\/span><\/p><\/blockquote>\n That’s on the record. The law knows that Bitcoin is money.<\/p>\n In any case, one thing about mixers is that there are no humans involved in the process. The system does it all. In Helix’s case, apparently, no one even knew how much money they were laundering. <\/span>Bitcoin.com quotes<\/span><\/a> Harmon\u2019s defense attorney Charles Flood:<\/span><\/p>\n \u201cOne interesting thing about this case is there was a double-blind system Harmon had set up with Helix,\u201d Flood said in the federal courtroom on Wednesday. \u201cWhile he completely acknowledges that he violated the law and was in fact laundering money and knew it was drug proceeds \u2026 he does not know the exact amount laundered,\u201d Flood added.<\/span><\/p><\/blockquote>\n For the punishment, we quote once again the original press release:<\/span><\/p>\n As part of his plea, Harmon also agreed to the forfeiture of more than 4,400 bitcoin, valued at more than $200 million at today\u2019s prices, and other seized properties that were involved in the money laundering conspiracy. Harmon will be sentenced at a date to be determined and faces a maximum penalty of 20 years in prison, a fine of $500,000 or twice the value of the property involved in the transaction, a term of supervised release of not more than three years, and mandatory restitution.<\/span><\/p><\/blockquote>\n Ouch.<\/span><\/p>\n Related Reading | Top Bitcoin Tumblers Google Result Links To Sites Stealing<\/a><\/strong><\/em><\/p>\n This all leads to our original statement, Bitcoin is not a useful tool for money launderers. Or for criminals in general. To drive the point home, <\/span>the Wall Street Journal quotes<\/span><\/a> Ari Redbord. He\u2019s \u201c<\/span>a former assistant U.S. attorney for the District of Columbia and a former senior adviser at Treasury<\/span><\/i>,\u201d and says:<\/span><\/p>\n The guilty plea shows U.S. law enforcement is pursuing cryptocurrency mixers with connections to the Darknet and illicit activities, while the transparency of blockchain enables them to trace the funds.<\/span><\/p>\n \u201cThe nature of cryptocurrency is to allow law enforcement to have unique visibility on financial flow where they never had before.\u201d<\/span><\/p><\/blockquote>\n And that\u2019s another thing Bitcoiners have been saying all along.<\/span><\/p>\n Bitcoin is not a useful tool for money launderers and here\u2019s proof. 38-years-old Larry Dean Harmon admitted to being the operator of Helix, a Bitcoin Mixer service that operated on the Darknet. According to the US Department of Justice, \u201cHarmon advertised Helix to customers on the Darknet to conceal transactions from law enforcement.\u201d What was this man thinking?\u00a0 Related Reading | DIY Bitcoin ATM Money Launderer Pleads Guilty The press release continues: Harmon admitted that Helix partnered with several Darknet markets, including AlphaBay, Evolution, Cloud 9 and others, to provide bitcoin money laundering services for market customers. In total, Helix moved over 350,000 bitcoin \u2013 valued at over $300 million at the time of the transactions \u2013 on behalf of customers, with the largest volume coming from Darknet markets. Harmon further admitted that he conspired with Darknet vendors and marketplace administrators to launder such bitcoins generated through illegal drug trafficking offenses on those Darknet marketplaces. The blockchain sees it all and registers every transaction forever. A mixer, also known as a tumbler, is a service that seeks to anonymize transactions. They pool together funds from several parties, mix them up, and serve supposedly clean coins to everyone involved. At the very least, the coins can\u2019t be traced to a specific address. For that, they charge a fee. BTC price chart for 08\/19\/2021 on Currency.com | Source: BTC\/USD on TradingView.com Even Helix Didn\u2019t Know How Much It Was Laundering. And Bitcoin Is Money Betraying everything that\u2019s sacred, Larry Dean Harmon\u2019s defense was that he wasn\u2019t guilty because Bitcoin is not money. The law went on the record and confirmed what Bitcoiners have been saying for years, the Washington Post reports:\u00a0 A line of reasoning rejected by Chief U.S. District Judge Beryl A. Howell.\u201c \u2018Money,\u2019 \u201d she wrote, \u201ccommonly means a medium of exchange, method of payment, or store of value. Bitcoin is these things.\u201d That’s on the record. The law knows that Bitcoin is money. In any case, one thing about mixers is that there are no humans involved in the process. The system does it all. In Helix’s case, apparently, no one even knew how much money they were laundering. Bitcoin.com quotes Harmon\u2019s defense attorney Charles Flood: \u201cOne interesting thing about this case is there was a double-blind system Harmon had set up with Helix,\u201d Flood said in the federal courtroom on Wednesday. \u201cWhile he completely acknowledges that he violated the law and was in fact laundering money and knew it was drug proceeds \u2026 he does not know the exact amount laundered,\u201d Flood added. What Will The Law Do With Larry Dean Harmon? For the punishment, we quote once again the original press release: As part of his plea, Harmon also agreed to the forfeiture of more than 4,400 bitcoin, valued at more than $200 million at today\u2019s prices, and other seized properties that were involved in the money laundering conspiracy. Harmon will be sentenced at a date to be determined and faces a maximum penalty of 20 years in prison, a fine of $500,000 or twice the value of the property involved in the transaction, a term of supervised release of not more than three years, and mandatory restitution. Ouch. Related Reading | Top Bitcoin Tumblers Google Result Links To Sites Stealing This all leads to our original statement, Bitcoin is not a useful tool for money launderers. Or for criminals in general. To drive the point home, the Wall Street Journal quotes Ari Redbord. He\u2019s \u201ca former assistant U.S. attorney for the District of Columbia and a former senior adviser at Treasury,\u201d and says: The guilty plea shows U.S. law enforcement is pursuing cryptocurrency mixers with connections to the Darknet and illicit activities, while the transparency of blockchain enables them to trace the funds. \u201cThe nature of cryptocurrency is to allow law enforcement to have unique visibility on financial flow where they never had before.\u201d And that\u2019s another thing Bitcoiners have been saying all along. Featured Image by Ryan McGuire from Pixabay – Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":469654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[84073,84076,15730,84072,84075,84068,4813,84070,1646,84066,84067,84071,84069,4419,84074],"class_list":["post-469652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ari-redbord","tag-beryl-a-howell","tag-betting-on-the-blockchain","tag-bitcoin-criminals","tag-bitcoin-is-money","tag-bitcoin-mixer","tag-bitcoin-tumbler","tag-charles-flood","tag-darknet","tag-helix","tag-larry-dean-harmon","tag-the-blockchain","tag-us-department-of-justice","tag-wall-street-journal","tag-washington-post"],"acf":[],"yoast_head":"\nBTC price chart for 08\/19\/2021 on Currency.com | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
Even Helix Didn\u2019t Know How Much It Was Laundering. And Bitcoin Is Money<\/span><\/h2>\n
What Will The Law Do With Larry Dean Harmon?<\/span><\/h2>\n
Featured Image by Ryan McGuire<\/a> from Pixabay<\/a> - Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"