CEO implicated in $311 million money laundering case using Bitcoin
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Answer CEO implicated in $311 million money laundering case using Bitcoin
Peter McCormack, the host of a crypto-related podcast called What Bitcoin Did, has suspended ads for DropBit, an app associated with Larry Dean Harmon.
Harmon, who lives in the United States, was recently accused of money laundering on the AlphaBay dark web platform.
DropBit was developed by Coin Ninja, with Harmoson as CEO.
McCormack commented on the arrest on Twitter and asked others to think about it.
1/ Re: Dropbit…
…CEO Larry Harmon has been arrested and is currently in Youngstown, Ohio Federal Prison.
accused of:
Conspiracy to launder financial instruments
Managing an unlicensed money transfer businessFacing up to 30 years.
Read:Terraform Labs co-founder’s home raided by South Korean authorities
– Peter McCormack (@PeterMcCormack) February 13, 2020
Larry Dean Harmon has been formally charged by a federal court with running an operation on the dark web, according to local media.
Harmon was accused of laundering more than $300 million in cryptocurrency on the AlphaBay platform on the dark web, which shut down in 2017.
At today’s prices, that amount would be equivalent to $3.7 billion.
New ways to launder money
Operation Harmon, which was called Helix, sped Bitcoin transactions to make them untraceable, according to the report.
Helix was a shuffling service and a popular way to enhance privacy, making it difficult to trace the origin of the transaction.
According to the report, the total number of bitcoins processed is 35,468 bitcoins, which is a massive amount in today’s market.
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