RATE Group | Coin Ninja CEO Arrested for Allegedly Laundering $311M With Bitcoin Privacy Tools
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Coin Ninja CEO Arrested for Allegedly Laundering $311M With Bitcoin Privacy Tools

13 Feb Coin Ninja CEO Arrested for Allegedly Laundering $311M With Bitcoin Privacy Tools

Posted at 11:40h in Bitcoin News by

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Larry Harmon, the CEO of Bitcoin media site Coin Ninja and founder of crypto wallet provider DropBit, is facing federal charges related to his use of Bitcoin privacy tools.

United States federal prosecutors are charging Harmon with conspiracy to launder money and operating a money transmitting business without a FinCEN license.

According to an arrest warrant filed earlier this month, Harmon allegedly laundered over 354,468 Bitcoins (BTC) (worth $311 million at the time of the transactions), allowing the users of a privacy tool named Helix, and a darknet search engine named Grams, to make transactions on AlphaBay, a known dark market that was shut down in 2017. 

Helix allowed users to mix the coins before spending through a CoinJoin transaction. The mixing of coins has been associated with money laundering and other illicit activities.

Harmon is facing a 30-year prison sentence for these alleged crimes.

Harmon denied bail

Journalist and podcaster Peter McCormack reportedly spoke to…

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