As a researcher with a keen interest in the intersection of technology and crime, I find myself both fascinated and appalled by the story of Larry Harmon. On one hand, it is remarkable to see how an individual can leverage advanced technologies like cryptocurrencies for nefarious purposes on a massive scale. On the other hand, it is heartening to witness Harmon’s subsequent transformation and cooperation with authorities that led to the sentencing of others involved in similar crimes.
In 2020, Larry Harmon, who aided criminals in laundering money using the Helix cryptocurrency mixer, received a prison sentence of three years. This lenient punishment was explained by District of Columbia District Court Judge Beryl Howell because of Harmon’s previous help in the Bitcoin Fog case.
‘Staggering’ crimes, deep remorse
Harmon was potentially looking at a prison term of up to 20 years due to the accusations against him. On November 11, the government proposed a sentence of 75 months for him. In the year 2020, the Treasury Department’s Financial Crimes Enforcement Network fined Harmon an amount of $60 million.
In a court case, Harmon provided assistance to the prosecutors against Bitcoin Fog operator Roman Sterlingov. On November 8, Sterlingov was sentenced to 12.5 years in prison. At his sentencing, Harmon expressed regret for his actions. Notably, he had closed down Helix two years prior to his arrest, a fact the judge mentioned during sentencing. The judge stated that Harmon had changed his ways before being apprehended in this case.
Besides being instructed to relinquish a sum of $311,145,854 in liquid funds, Harmon was additionally mandated to surrender seized digital currencies, properties, and financial assets with an estimated value exceeding $400 million.
It is alleged that Harmon transferred over 350,000 Bitcoins (approximately $300 million worth) using Helix. This massive scale of criminal activity was emphasized by Prosecutor Alden Pelker as “overwhelming.
“He brought search engine optimization to local cocaine distributors.”
In February 2020, Harmon was apprehended and confessed his crimes in August of the following year. From 2014 to 2017, he managed the cryptocurrency mixer known as Helix on the darknet. During this period, he laundered over 350,000 Bitcoin (BTC). Helix functioned in coordination with the Grams darknet search engine, a service that Harmon also administered. As per a declaration by the Department of Justice:
“Harmon worked to ensure Grams and Helix connected to or otherwise supported all of the major darknet markets at the time. Harmon developed an Application Program Interface (API) to allow darknet markets to integrate Helix directly into their bitcoin withdrawal systems.”
Initially, Harmon contended in the courtroom that Bitcoin does not qualify as currency, thereby making it impossible for him to stand accused of money laundering offenses.
Larry’s bad brother Gary
After Harmon’s arrest, the Criminal Investigation division of the Internal Revenue Service seized his hard drive wallets. Later on, Harmon’s brother Gary, using Larry Harmon’s passwords, moved approximately 712 Bitcoins (valued over $5 million at that time) from those wallets into his own account.
In July 2021, Gary Harmon was apprehended. A court order demanded he forfeit approximately $20 million in cryptocurrency, and he served a four-year sentence for committing wire fraud and hindering justice.
Read More
- CAKE PREDICTION. CAKE cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- DMTR PREDICTION. DMTR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- OM PREDICTION. OM cryptocurrency
- TRAC PREDICTION. TRAC cryptocurrency
- ZIL PREDICTION. ZIL cryptocurrency
- API3 PREDICTION. API3 cryptocurrency
2024-11-16 00:28