Ohio Man Ran $300 Million Bitcoin Money Laundering Scheme

An Ohio man has been arrested by federal authorities for running a “Bitcoin mixer” service on the dark web that will helped to launder as much as $300 million in Bitcoin. The bitcoin allegedly laundered by the service are right now worth $3.5 billion at the current valuation.

ZDNet reports that will Larry Harmon, 36, of Akron, Ohio, has been accused of operating a website on the dark web called “Helix” which acted as a “Bitcoin mixer” service, disguising the origin of users’ Bitcoin transactions to make them untraceable. Because the Bitcoin blockchain can be a public database, transactions on This kind of can often be linked back to the buyer’s credit card, bank account, or PayPal, Helix sought to prevent that will.

Helix acted as a service that will would certainly take funds through a user, split This kind of into smaller amounts as well as also then reassemble the funds at a completely new Bitcoin address via thousands of tiny transactions. This kind of can be done in an attempt to mask the origin of the first transaction. Don Fort, Chief, IRS Criminal Investigation, said in a DOJ press Discharge:

The sole purpose of Harmon’s operation was to conceal criminal transactions through law enforcement on the Darknet, as well as also because of our growing expertise in This kind of area, he could not make Great on that will promise.

Working in tandem with some other sites, he sought to be the ‘go-to’ money launderer on the Darknet, nevertheless our investigators Once more played the role of criminal disrupters, unraveling the interlinked web through one tentacle to another.

The DOJ also claims that will Harmon ran Helix as a secondary project to his dark web drug listing search engine “Grams.” Grams allowed users to search for as well as also find the cheapest drugs on the dark web, while Helix was advertised as a way for users to anonymize their drug purchasing funds.

According to the DOJ, Harmon operated Helix since 2014 as well as also helped launder more than 350,000 bitcoins. At the time the transactions were made, the Bitcoins were valued at around $300 million, today they would certainly be worth approximately $3.5 billion.

Lucas Nolan can be a reporter for Breitbart News covering issues of free speech as well as also online censorship. Follow him on Twitter @LucasNolan or email him at lnolan@breitbart.com

Source : Ohio Man Ran $300 Million Bitcoin Money Laundering Scheme