Multimillion-Dollar Cryptocurrency Project Run By Ohio Man On The Dark Web
According to Washington, D.C – An Ohio man, Larry Dean Harmon, 38 years coming from Akron, has been running a multimillion-dollar cryptocurrency project. Mainly on the dark web. Larry pleads guilty to moving more than $300 via his cryptocurrency money laundering service on the dark market.
Larry Dean has been running his service by the name Helix on the darknet as one of the money-laundering services between 2014 and 2017. This was a report according to the court documents when he pleaded guilty to the charges. Through the findings, Helix had transactions of over $300 million in bitcoin for the 3-year period.
From his engagement, Harmon faces 20 years in prison maximum sentence. For money laundering, a fine amounting to $500,000, and a supervision term lasting up to three years. This is after his acceptance of committing the crime. He awaits his sentence from the U.S. District Court for the District of Columbia’s Chief Judge Beryl Howell.
Multimillion-Dollar Cryptocurrency Project Engagement Acceptance
In his submission, Harmon admitted conspiring with dark web vendors. This in laundering bitcoin that was coming from drug trafficking deals and other illegal activities. These were confirmations from Steven M. D’Antuono – Assistant Director in charge of the FBI’s Washington Field Office.
The other revelations were that Helix was operational as a bitcoin “tumbler” or “mixer” per the Department of Justice. It means that customers would send bitcoin at a fee to specific recipients without revealing the source of the bitcoin. The Helix marketing was concealing the identity of financial transactions from the FBI and other law enforcement agencies as per the court data.
While in operation, Helix did transactions amounting to over 350,000 bitcoins that is more than $300 million according to valuations at the transaction time. The money came as a conspiracy between Harmon, darknet vendors, and the marketplace administrators. The trio was in the administration of the Bitcoin laundering business by generating money from drug trafficking.
As part of Harmon’s plea, he was in acceptance to forfeit the proceeds amounting to over 4,400 bitcoins that have a value of more than $200 million.
The District of Columbia Attorney Confessions
Channing D. Phillips, the Acting U.S Attorney for District of Columbia, gave his assurance to the dealers and the dark market. He was addressing them selling opioids and engaging in other illegal drugs to watch out. “They may try to hide their identities and launder millions in sales behind technologies like Helix. But the department and its law enforcement partners will shine a light on their activities, dismantle the infrastructure such criminal marketplaces depend on, and prosecute and convict those responsible.”
Channing had these remarks to warn other vendors like Harmon disguising behind technologies. Even though they were still doing their activities at large, soon, the law enforcers would get hold of them.