Larry Harmon, an Ohio resident, has been sentenced to three years in prison for laundering more than $300 million in Bitcoin through his platform Helix, which helped obscure cryptocurrency transaction origins.
Helix Operations and Money Laundering
Helix was active from 2014 to 2017, partnering with major darknet marketplaces like AlphaBay to process illegal transactions involving drug sales, stolen data, and counterfeit goods.
Unlicensed Activity and Charges
Harmon pleaded guilty in 2021 to operating Helix as an unlicensed money-transmitting business and conspiring to launder funds. The court ordered him to forfeit $311 million, the equivalent of the laundered Bitcoin's value.
Aftermath of Charges and Penalties
Harmon's cooperation in other prosecutions, including the case against Roman Sterlingov, led to a reduced sentence. His brother, Gary Harmon, was also convicted for stealing Bitcoin from an IRS evidence locker.
Larry Harmon's case highlights the vulnerabilities of cryptocurrency systems to illicit activities and law enforcement's efforts to combat them.