U.S. authorities have been on the prowl for criminal activity based on crypto. The Department of Justice recently released a report that highlighted solitude tokens like Monero (XMR) as a cause for alarm.
Harmon was arrested in February for working a steady of tumblers, or mixers, that Washington, D.C. prosecutors allege constitute unregistered money services companies. Those fees against him state he laundered around $300 million in Bitcoin. According to today’s announcement,”FinCEN’s analysis has identified 356,000 bitcoin transactions through Helix.”
FinCEN asserts that Harmon deliberately flaunted the provisions of the Bank Secrecy Act, the basis of U.S. Anti-Money Laundering legislation. It had been offenses of the BSA which led to criminal charges from the executive group of crypto exchange BitMEX before this month.
Mixing services attempt to privatize cryptocurrencies by sending them via a huge series of transactions involving a variety of wallets. The process aims to obscure the origins of coins as well as the entity in control of these when they come out of mixing. Harmon’s mixers were only available via the dark web.
Smart Pool: Is the maximum volume-rich pool, as it comprises of coins from different users (regular Pool) + Smartmixer’s reservations + Investor’s cash. Only holds coins out of the company reservations and investor’s cash. No real money from different users gets sent here. Also prices the maximum service fee.
So every time a user sends his/her unclean coins to Smartmixer, those coins are saved at an appropriate coin-pool, and the user is routed different coins from one of the pools. These new coins are certainly not linked to the old coins delivered by the user.
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