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Bitcoin Laundering Scandal: Helix Founder Sentenced to 3 Years
Last Updated: November 18, 2024
✓ Fact Checked
Key Takeaways
- Larry Harmon was sentenced to three years for laundering over $300 million through the Helix mixer;
- His cooperation in the Bitcoin Fog case led to a reduced sentence and aided in Sterlingov’s conviction;
- Harmon forfeited over $700 million in assets, showcasing the high costs of crypto-related crimes.
Larry Harmon received a three-year prison term for his role in processing over 350,000 Bitcoin
Valued at more than $300 million at the time, these transactions were conducted via Helix
Despite facing a potential 20-year sentence, Harmon's term was reduced due to his cooperation in a separate case against Roman Sterlingov, the operator of Bitcoin Fog, who was recently sentenced to 12.5 years. Prosecutors had recommended a 75-month sentence on November 11, but Judge Beryl Howell opted for a shorter term.
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Operating from 2014 to 2017, Helix facilitated the laundering of large amounts of digital currency. By developing an Application Program Interface (API), he enabled these platforms to integrate Helix directly into their Bitcoin withdrawal systems.
According to a Department of Justice statement:
Harmon worked to ensure Grams and Helix connected to or otherwise supported all of the major darknet markets at the time. Harmon developed an Application Program Interface (API) to allow darknet markets to integrate Helix directly into their Bitcoin withdrawal systems.
In addition to his prison sentence, Harmon was mandated to forfeit nearly $311 million in cash and over $400 million of seized cryptocurrencies, real estate, and other financial assets. In 2020, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) fined Harmon $60 million for violations of the Bank Secrecy Act.
In other news, The orchestrator of the Bitfinex hack has been sentenced to five years in prison for his involvement in the high-profile crypto theft. How did authorities bring him to justice? Read the full story.
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