Cryptos

Helix admits to laundering more than $ 300 Million.

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Here’s proof that Bitcoin is not a tool for money laundering. Larry Dean Harmon (38), admitted to being the operator Helix, a Bitcoin Mixer Service that ran on Darknet. According toThe US Department of JusticeHarmon announced Helix on the Darknet to customers in order to conceal transactions from law enforcers. “What was that man thinking?

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Continue reading the press release:

Harmon said that Helix had partnered several Darknet marketplaces including Evolution, Cloud 9 or AlphaBay to offer customers in the marketplace bitcoin money laundering services. Helix has transferred more than 350,000 bitcoins for clients, with the largest amount coming from Darknet marketplaces. Harmon also admitted that he conspired to launder bitcoins generated in Darknet marketplaces by illegal drug trafficking.

The blockchain records all transactions forever and sees everything. A mixer, also known to be a tumbler, allows transactions to be anonymized. They pool funds from many parties, mix them together, and then serve clean coins to everyone. At the most, the coins cannot not be attributed to a particular address. This is why they charge a fee.

BTC price chart for 08/19/2021 at Currency.com. Source: BTC/USD| Source: BTC/USD on TradingView.com

Even Helix wasn’t aware of how much he was whitewashing. Bitcoin is money

Larry Dean Harmon was accused of betraying all that is sacred. However, he claimed that he wasn’t guilty because bitcoin is not money. The law has been registered, and it confirms what Bitcoiners claim for years. The Washington Post reports:

This line of reasoning was rejected by U.S. District Justice Beryl A.Howell. “’Money’,” she wrote, “generally means a medium of exchange, a method of payment or a store of value. These are the things Bitcoin is.

It’s in your file. The law recognizes that Bitcoin is money.

Mixers can be used for any purpose, but the best thing about them is that no human beings are involved. The system does it all. Helix’s case was unique because no one knew how much money they were laundering. BitcoinFlood.com quotes Harmon’s defense attorney Charles Flood:

“An interesting thing about this case is that there was a double-blind system that Harmon had set up with Helix,” Flood said in the federal courtroom on Wednesday. “Although he fully admits that he broke the law and was in fact laundering money and knew it was the proceeds of drugs… he does not know the exact amount laundered,” Flood added. .

What will the law do about Larry Dean Harmon?

We will again cite the original press release as punishment:

Harmon also agreed to forfeit 4,400 bitcoins valued at more than $ 200 million today. Silver. Harmon will be sentenced on a date yet to be determined. He faces a maximum sentence in prison of 20 years, a $ 500,000 fine or twice the value of the property in question, a supervised release period up to three years and mandatory restitution.

Ouch.

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All of this leads to our first statement: Bitcoin is not a tool for money laundering. Or criminals in general. To emphasize the point, Quotes from the Wall Street JournalAri Redbord. He is “A former Assistant U.S. attorney for the District of Columbia, and a former Senior Advisor of the Treasury“, and say:

The US law enforcement is now pursuing cryptocurrency mixers connected to Darknet and illicit activity. Blockchain transparency allows them trace funds.

“The nature and purpose of cryptocurrency is to give law enforcement unique visibility into financial flows, where they have never had before.”

That’s yet another thing Bitcoiners have said.

Featured Image by Ryan McGuireFrom PixabayCharts by TradingView

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