In what could be termed an important development, Helix operator Larry Dean Harmon confessed the involvement in the money laundering case. As a result of this confession, Harmon could possibly land in jail for a period of 20 years. Pleading guilty to the crime, Harmon confessed his involvement in the conspiracy that resulted into laundering of Bitcoin funds worth $300 million. This information was released by Channing Phillips, who occupies the position of acting U.S. Attorney for the District of Columbia.
According to FBI investigations, Harmon admitted to conspiring with Darknet vendors to execute the process of laundering Bitcoin. He took the route of mixing services in which Bitcoin is mixed with other cryptocurrencies for sending them to service-owned wallets. Once this is over, Bitcoins are transferred to the predetermined wallets, which are then credited to the customer’s wallet.
The implications of the money laundering crime for Harmon are severe. Not only does it mean imprisonment for up to 20 years, but it can also result in a monetary fine of $500000 or twice the value involved in the process of transaction.
As Harmon pleaded guilty of laundering more than $300 million worth of Bitcoin, the financial penalty in this case could be as large as $600 million. It is important to note that the Financial Crimes Enforcement Network has already fined Harmon $60 million last year.
It is a significant development as it could possibly lead to the making of more stringent norms against money laundering processes, especially in the context of cryptocurrency and blockchain technology. The characteristic of anonymity, which has been a hallmark of the crypto domain, has been often exploited by hackers and unscrupulous elements in carrying out illegal activities. Hopefully, this conviction will bring more clarity and transparency to the segment.