DOJ accuses Ohio man of using Bitcoin to launder money: $300million alleged

U.S. federal authorities have arrested an Ohio man for running a cryptocurrency money-laundering service that transferred about $300 million worth of bitcoins through a “plunge”,media reported. Larry Dean Harmon, from Akron, is understood to be running a company called Helix, which has a partnership with AlphaBay, the now-defunct underground market.

DOJ accuses Ohio man of using Bitcoin to launder money: $300million alleged

AlphaBay’s illegal activities include drug dealing, according to the U.S. Department of Justice (DOJ). In 2017, the FBI shut down AlphaBay.

According to the indictment, Harmon exchanged more than 350,000 bitcoins on Helix between 2014 and 2017. Authorities say customers can send Bitcoin sending to the recipient in a way that hides the transaction and the bitcoin owner.

Bitcoin’s plunge, also known as “mixing,” allows bitcoin owners to mix their cryptocurrency transactions to cover up their unregulated nature, often in order to cover up illegal activities such as drug dealing.

Harmon is now charged with money laundering, illegally operating a currency transfer business and transferring money without DC’s permission.