Ohio local arrested for using crypto to launder $300 million – iNVEZZ

  • A resident of the US state of Ohio, Larry Harmon, was recently accused of running a major international money laundering business on the Dark Web.
  • Harmon launched a business called Helix, which he used for hiding illegal transactions from the government, on his clients’ behalf.
  • He laundered over 350,000 BTC since 2014, but he was eventually discovered and arrested due to the government’s growing expertise in the area.

The US authorities recently arrested a citizen
of Ohio due to accusations of him running an illegal money-laundering operation
on the Dark Web. The individual in question, known as Larry Harmon (36),
supposedly acted as an operator of an unlawful business called Helix.

According to the US Department of Justice’s report, published yesterday, February 13th,
Harmon used his business to launder money and run a money transference venture,
for which he had no licensing.

Details about Harmon’s
money-laundering operation

According to reports, Harmon launched Helix back in 2014, and he ran his illegal service by using cryptocurrencies. The Department of Justice (DoJ) noted that his business, Helix, functioned as a Bitcoin ‘mixer.’

Such mixers, or tumblers, as they are also
called, allow customers to send BTC to designated recipients in a way that
hides the original owner of the coins. Of course, Harmon charged a fee for
providing this service. He also attracted users by claiming that he can hide
fund transfers from the government and its agencies.

In addition to that, he also operated another
Dark Web service — a search tool known as Grams. As expected, such endeavors
led Harmon to develop ties to other illegal businesses and offerings on the
Dark Web. Helix itself laundered hundreds of millions of dollars worth of
illegal drugs proceeds, as well as other criminal profits.

Harmon had clients who benefited from his
services
Source…

About the author