Bad News for Bitcoin, DoJ Busts an Enormous Money Laundry Operation

The growth and introduction of Bitcoin and other cryptocurrencies have long been suppressed by the idea that they are connected to the dark web and the criminal world. This perception is essentially due to the fact that crypto technology started as a payment method on Darknet marketplaces.

Over the years, this narrative has gradually disappeared. However, there are still traces of this in the state administration and private investors. This has played a major role in the slow global adoption of technology.

This is symbolized by the recent U.S. budget proposal for 2021. Cryptocurrency crimes seem to be a concern. Trump's newest budget proposal is trying to fight crimes related to digital currencies in the near future.

It is also the youngest reports of a massive $ 300 million money laundering system further strengthens history. The conspiracy that was recently blown up by the U.S. Department of Justice (DoJ) could be the figurehead of the government's strengthening account against Bitcoin.

DoJ accuses Ohio Man of laundering $ 300 million in Bitcoin on the Dark Web

The DoJ accused Larry Harmon earlier this week of allegedly plotting to launder $ 300 million in Bitcoin. Harmon implemented the Helix money laundering system, which had advanced operations that helped clean the money used for transactions. According to DoJ, Helix washed the money through a dark marketplace called AlphaBay.

"Helix acted as a Bitcoin mixer or tumbler, allowing customers to send Bitcoin to specific recipients for a fee to hide the source or owner of the Bitcoin."

Harmon also lured users by claiming to hide money transfers from law enforcement agencies. In addition to Helix, Harmon also ran a dark web search tool called Grams. Brian Benczkowski, deputy attorney general for the Department of Justice's Criminal Division, commented on the matter in the press release as follows:

"Helix has reportedly laundered hundreds of millions of dollars in illicit narcotics and other criminal profits for Darknet users around the world. This indictment underlines that attempting to disguise virtual currency transactions in this manner is a crime and that the Ministry can and will ensure that crime does not pay off. "

Harmon's allegations also include the following The Helix outfit has transferred more than 350,000 Bitcoin;; at that time, worth over $ 300 million.The illegal business also operated other users' money laundering systems on AlphaBay. According to DoJ, AlphaBay is a heavily frequented dark web vendor.

The government's case against crypto is intensifying

The term cryptocurrency is mentioned twice in Donald Trump's recently proposed budget. In both cases, the term is directly related to the financing of terrorism and other criminal activities.

The budget also highlights that the intelligence agency should return to its original role in the Treasury. The agency was originally founded to investigate financial crimes and protect presidents. This step is particularly designed to give the Bitcoin and cryptocurrency industry more control.

In summary, it is still not clear whether the inclusion of the secret service in the digital currency industry will have further advantages or disadvantages. However, it is crystal clear that the DoJ's recent charge of Bitcoin money laundering; will cause the government to increase its participation and control in the market.

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