For the first time in history FinCEN, a unit of the Treasury Department, fined a Bitcoin Mixer / Bitcoin Tumbler (Virtual Bitcoin Exchange) operator.

FinCEN has imposed a $60 million dollar penalty on Larry Dean Harmon, a resident of Ohio who has taken up a residence in Belize. Larry Harmon is not ‘new’ to this kinds of crimes, Harmon was indicted and currently being criminally prosecuted by the Department of Justice for money laundering.

Larry Harmon owned Helix which laundered $311 million.

Larry Harmon is the owner and operator of Helix, the Department of Justice alleges that he helped launder a whopping $311 million, he helped Criminal Syndicates, Child Traffickers, Drug Smugglers, and Prostitution Rings anonymously ‘Exchange’ virtual currency, pay and receive payments in Bitcoins and other virtual currencies – anonymously and without any trace – as a matter of fact he bragged about it and advertised his services on the Darknet.

Why Larry didn’t stop after he was caught?

Larry Harmon not only didn’t stop (after he was caught and being prosecuted for his Helix operations) instead he doubled down and started a new ‘Mixer’ under a new name - Coin Ninja - and he continued with his crimes, with his new Tumbler he helped money launderers, child traffickers and drug smugglers carryout their international criminal operations, and he helped them receive and transfer millions of dollars ‘anonymously’ and without a trace.

Coin Ninja’s secret sauce – Anonymity without a Trace – Harmon guaranteed it!

Larry’s operation, first Helix then Coin Ninja, were extremely sophisticated and he operated in total darkness using the TOR Network. He became so brazen that he openly advertised his services claiming – Law Enforcement can’t trace any transaction so no one could ever be caught! The bold and brazen statements and ads helped Larry attract and recruit new drug gangs and child traffickers to his network.

How they caught him?

To catch Larry and successfully stop the underground criminal network from profiting from their heinous crimes, the Department of Justice, Department of Treasury, the FBI and their numerous specialized forensic and cyber units have spent years to gather evidence in the Darknet. These sophisticated operations cost millions of dollars and the efforts of highly talented professionals to bring him to justice. The criminals should know that they may be able to hide but can’t escape!

Find out how he Laundered a whopping $311 million

Source: FinCEN, DOJ, OxBridge Research, Daily Stock Deals