World 60 million dollar penalty: US authorities take action against Bitcoin mixer for the first time

15:50  20 october  2020
15:50  20 october  2020 Source:   t3n.de

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The founder and operator of some of the first " mixing " services in crypto will have to cough up $ 60 million to United States Those charges against him say he laundered over 0 million in Bitcoin . According to today's U . S . authorities have been on the prowl for criminal activity based on crypto.

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a $ 60 million civil money penalty against Larry Dean Harmon, the founder FinCEN’s investigation has identified at least 356,000 bitcoin transactions through Helix. Mr. Harmon operated Helix as a bitcoin mixer , or

The operator of the Helix mixer has to pay a fine of 60 million US dollars for violating banking guidelines. He is also facing a prison sentence.

Die für Finanzstraftaten zuständige US-Behörde FinCEN geht erstmals gegen Bitcoin-Mixer vor. © Jarretera / Shutterstock.com The US agency FinCEN, which is responsible for financial crimes, takes action against Bitcoin mixer for the first time.

Bitcoin mixing services, also known as mixers or tumblers, are used to disguise the origin of bitcoins. Now the US Treasury Department is taking action against the operator of such a service for the first time. FinCEN, the federal agency responsible for financial crime, has fined Larry Dean Harmon of the United States to the tune of $ 60 million. Harmon had operated the Bitcoin mixer Helix, among other things.

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According to the US authorities, more than 1.2 million transactions for customers of the service were carried out via Helix between June 2014 and December 2017. Bitcoins worth $ 311 million were moved. "Mr. Harmon operated Helix as a bitcoin mixer or tumbler and advertised its services in the darkest rooms of the Internet as a way for customers to pay anonymously for things like drugs, weapons and child pornography, ”says an press release from FinCEN .

Bitcoin Mixer: Helix operator threatens jail

Harmon also operated the Bitcoin news site Coin Ninja, the crypto wallet Dropbit and the darknet search engine Grams in addition to Helix. In addition to the fine, he is now facing jail. Harmon was arrested back in February 2020. Among other things, he is accused of conspiracy to launder money. If found guilty, he could be sentenced to 14-17 years in prison.

In an paper published in early October 2020, the US Department of Justice stated that Bitcoin mixers like Helix basically fall under the Bank Secrecy Act of 1970. Under this US law, financial service providers must keep information about the parties involved in transactions of $ 10,000 or more and notify US authorities if they suspect money laundering, tax fraud or other criminal activity.

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