The founder and operator of some of the first “mixing” services in crypto will have to cough up $60 million to United States regulators, even as he faces continued criminal charges.
The U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, announced on Monday a $60 million fine against Larry Dean Harmon, the man behind Helix and Coin Ninja.
Harmon was arrested in February for operating a stable of tumblers, or mixers, that Washington, D.C. prosecutors allege constitute unregistered money services businesses. Those charges against him say he laundered over $300 million in Bitcoin. According to today’s announcement, “FinCEN’s investigation has identified at least 356,000 bitcoin transactions through Helix.”
Mixing services attempt to privatize cryptocurrencies by sending them through a massive series of transactions involving various wallets. The process aims to obscure the origins of coins as well as the entity in control of them when they come out of mixing. Harmon’s mixers were only accessible via the dark web.
FinCEN claims that Harmon deliberately flaunted the provisions of the Bank Secrecy Act, the cornerstone of U.S. Anti-Money Laundering legislation. It was violations of the BSA that led to criminal charges against the executive team of crypto exchange BitMEX earlier this month.
U.S. authorities have been on the prowl for criminal activity based on crypto. The Department of Justice recently released a report that highlighted privacy tokens like Monero (XMR) as a cause for alarm.
News source CoinTelegraph.com
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Block explorer going in maintenance mode for another hr ish.
The Explorer Node is traditionally an archive node so it might take roughly 3 hours to sync. Ty for you patience.
Quick Update: The expanse explorer server got upgraded today. EggSwap Vision should be released next week. The EggSwap team is working on adding DGB Token Bridge as the first one. We are big fans of the DGB project because embodies the ethos of crypto!
What coin would you like see available on EggSwap?
@ExpanseOfficial @UniswapProtocol @eggswap After the very needed implementation and news of the EGGSWAP-Eth bridge for fee relief, while momentum is up, please hit everyone with the rough but full roadmap of features coming. Vampire attack after eth linked? Nft exchange?
Raise your hand if you are tired of your favorite projects being held hostage and extorted by exchanges in this space. Projects like @UniswapProtocol and @Eggswap are important because they give the power back to the people.
Instructions for setting up your own load balanced SSL GEXP Node - https://github.com/expanse-org/go-expanse/wiki/Setup-SSL-GEXP-Nginx
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