Helix Money Laundering Case Operator Sentenced To 3 Years
Key Points:
- Larry Harmon was sentenced to 3 years for Helix Money Laundering, forfeiting $311M in cash and $400M in assets.
- Helix laundered 350,000 BTC; Gary Harmon was jailed for theft linked to Helix Money Laundering.
Larry Harmon, the Helix crypto mixer founder, was sentenced to 3 years in prison for Helix Money Laundering, forfeiting $311M in cash and $400M in assets.
Larry Harmon Sentenced for Helix Money Laundering
Larry Harmon, the founder of the Helix cryptocurrency mixer, was sentenced to three years in prison after his role in Helix Money Laundering was brought to light. His website was used to launder over 350,000 BTC, despite his facing a maximum sentence of as long as 20 years. In exchange for a reduced sentence, Harmon had his prison time shaved by cooperating with the prosecution in the case against Bitcoin Fog operator Roman Sterlingov. He was also ordered to forfeit $311 million in cash, as well as $400 million in assets that include cryptocurrency and seized real estate.
Prosecutors underlined the crime’s enormity, described as “staggering,” because Helix had processed more than $300 million in Bitcoin for illicit darknet transactions. Back in 2020, the Treasury Department fined Harmon $60 million over the same illegal operations. The court nonetheless factored in that Harmon was contrite and that his operation, Helix, had been closed two years before his arrest in 2020, according to Cointelegraph.
Read more: Helix CEO’s Brother Admitted To Stealing Over 712 BTC From IRS
Helix Founder’s Role in Bitcoin Money Laundering Revealed
One such platform was Helix, run by Larry Harmon, through which the money laundering traffic of more than 350,000 BTC happened from 2014 through 2017. For easy facilitation of these criminals, Harmon created an API wherein it allowed direct integration with Helix right from the darknet markets. In the beginning, the defendant argued in court that Bitcoin is not “money”; however, later he changed his plea to guilty in 2021.
It also included Gary Harmon, who took advantage of access to his brother Larry’s wallets to misappropriate 712 BTC worth over $5 million. Gary Harmon was sentenced to four years imprisonment for wire fraud and obstruction of justice. The case of Helix also manifests the vulnerabilities of mixing services like cryptocurrencies and how these are used for unlawful acts; hence, law enforcement agencies would want to make sure there will not be more cases akin to that of Helix Money Laundering.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Helix Money Laundering Case Operator Sentenced To 3 Years
Key Points:
- Larry Harmon was sentenced to 3 years for Helix Money Laundering, forfeiting $311M in cash and $400M in assets.
- Helix laundered 350,000 BTC; Gary Harmon was jailed for theft linked to Helix Money Laundering.
Larry Harmon, the Helix crypto mixer founder, was sentenced to 3 years in prison for Helix Money Laundering, forfeiting $311M in cash and $400M in assets.
Larry Harmon Sentenced for Helix Money Laundering
Larry Harmon, the founder of the Helix cryptocurrency mixer, was sentenced to three years in prison after his role in Helix Money Laundering was brought to light. His website was used to launder over 350,000 BTC, despite his facing a maximum sentence of as long as 20 years. In exchange for a reduced sentence, Harmon had his prison time shaved by cooperating with the prosecution in the case against Bitcoin Fog operator Roman Sterlingov. He was also ordered to forfeit $311 million in cash, as well as $400 million in assets that include cryptocurrency and seized real estate.
Prosecutors underlined the crime’s enormity, described as “staggering,” because Helix had processed more than $300 million in Bitcoin for illicit darknet transactions. Back in 2020, the Treasury Department fined Harmon $60 million over the same illegal operations. The court nonetheless factored in that Harmon was contrite and that his operation, Helix, had been closed two years before his arrest in 2020, according to Cointelegraph.
Read more: Helix CEO’s Brother Admitted To Stealing Over 712 BTC From IRS
Helix Founder’s Role in Bitcoin Money Laundering Revealed
One such platform was Helix, run by Larry Harmon, through which the money laundering traffic of more than 350,000 BTC happened from 2014 through 2017. For easy facilitation of these criminals, Harmon created an API wherein it allowed direct integration with Helix right from the darknet markets. In the beginning, the defendant argued in court that Bitcoin is not “money”; however, later he changed his plea to guilty in 2021.
It also included Gary Harmon, who took advantage of access to his brother Larry’s wallets to misappropriate 712 BTC worth over $5 million. Gary Harmon was sentenced to four years imprisonment for wire fraud and obstruction of justice. The case of Helix also manifests the vulnerabilities of mixing services like cryptocurrencies and how these are used for unlawful acts; hence, law enforcement agencies would want to make sure there will not be more cases akin to that of Helix Money Laundering.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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