Larry Harmon Got Arrested for Apparently Laundering $311M Over Bitcoin Privacy Tools

February 14, 2020 184

arry Harmon Got Arrested for Apparently Laundering $311M Over Bitcoin Privacy Tools

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Larry Harmon, the author of crypto wallet supplier DropBit and CEO of Bitcoin media site Coin Ninja, is undergoing federal charges as in terms of his utilization of Bitcoin privacy tools. US federal prosecutors are accusing Harmon of intrigue to launder money and working a cash transmitting business without a FinCEN permit.

As per an arrest warrant documented at the beginning of this month, Harmon allegedly washed more than 354,468 Bitcoins (BTC) that were worth $311 million at the hour of the transactions, permitting the clients of a privacy tool named Helix, and a darknet search engine called Grams, to make transactions on AlphaBay, a known dull market that was closed down in 2017.

Helix enabled clients to mix the coins prior to spending through a CoinJoin transaction. The mixing of coins has been related to money laundering and other unlawful exercises. And Harmon is undergoing a 30-year jail sentence for these alleged violations.

Peter McCormack, a podcaster and Journalist had words with Harmon’s brother, Gary Harmon, who said that Coin Ninja’s assets have been frozen and that the FBI has expelled $4,000 in Bitcoin from its Lightning Network node.
As per McCormack, Larry is even denied discharge on bail bond as he was considered a flight risk, “despite the fact that they have confiscated his entire assets.”

The state attorney’s motion to confine Harmon illustrations that the state accepts that Harmon won’t reasonably show up in court whenever allowed a discharge on bail as he has and is “subject to a long period of incarceration whenever sentenced.”

DropBit has become a buzzword among Bitcoiners, specifically as it permits people to send BTC on-chain and over the Lightning Network using Twitter handles or telephone numbers. Since DropBit’s funds are now frozen, Gary Harmon and its engineers are personally financing the wallet’s activities, stated McCormack.

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Published on February 14, 2020 by Ankit Bansal
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